Real Estate Rookie

248: Rookie Reply: Do You NEED an LLC for Rental Property?

Dec 31, 2022

30:57

Episode guests

Tony

Ashley

Highlights

AI Chapters

Episode notes

Insights on Gathering Information from Tenants and Sellers in Real Estate

01:13

Importance of Putting Your Home Under an LLC

01:18

Getting a Line of Credit Against Your Stocks

02:39

I Love When Tenants Are Home and I See Property

01:34

Introduction

2min

How Do I Make Money in Any Market Cycle?

3min

The Final Walkthrough of a Property

3min

I Love When Tenants Are Home and I See Property

2min

How Much Information Can I Ask for a Property Before Even Seeing the Property?

2min

Getting the Financials Upfront for a Commercial Property

2min

How Much BMB Can Take Off Your Plate?

2min

The Importance of Putting Your Home Under an LLC

3min

The Additional Costs of LLCs

2min

10.

Getting a Line of Credit Against Your Stocks

3min

11.

Is There Anything That Prohibits You From Buying More Real Estate?

2min

12.

How to Leverage a Line of Credit

2min

13.

Get Started in Real Estate Investing in 2023

2min

Do you need an LLC for rental property investing? Ask some investors, and they’ll hit back with a resounding “of course!” But ask another group of investors, and they’ll tell you “not at all!” This duality causes many rookie investors to become confused, not knowing when to protect their property with the limits that come with an LLC. So how are millionaire investors setting up their properties and partnerships? Or, more specifically, what are Ashley and Tony doing to protect themselves?

Welcome back to this week’s Rookie Reply! We’ve got some great questions queued up for our cabin and campground co-hosts, Ashley and Tony, to answer! First, we take a question about what to ask a seller during a final walkthrough, and how talking to tenants may be worth the extra time. Then, we hint at when to ask a listing agent for financials on a commercial property, the great LLC vs. umbrella insurance debate, and finally how to buy an investment property when you’re strapped for cash!

If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).

In This Episode We Cover

What to do during a final property walkthrough and top questions to ask a seller before you close

Estoppel agreements and using them to verify leases on tricky properties

Rental property LLCs and when buying umbrella insurance makes more sense

When to ask for financials on a commercial property and using them to vet a deal

Stock portfolio loans and how to borrow against your assets to buy real estate

Partnering up to purchase more property even when you have no cash

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets

Real Estate Rookie Facebook Group