Episode 54 - Reasons to Start an LLC to Buy Real Estate
Did you know that some investors buy real estate under their own name? Well, what's wrong with that? It's your property, anyway. However, if you're purchasing an investment property or a property you intend to use for purposes other than your primary residence, it's best to buy it under an LLC. But, of course, there are pros and cons to any decision you make.
In this episode of The FasterFreedom Show, Sam and Lucas discuss their top 3 reasons for buying a property under an LLC vs. your personal name. They also discuss some disadvantages when choosing either option. So tune in and discover what Sam and Lucas have to say from their years of experience buying and selling real estate.
“If you start an LLC, it is no longer a side hustle. You are a small business owner.”- Sam Primm
“Having a clean set of books when owning rental properties is very, very important, and setting up separate checking accounts is the first step to help you do that.”- Lucas Walls
WHAT’s IN THIS EPISODE?
- Buying a property under your personal name vs. under an LLC
- Reason #1: Mindset - Setting up an LLC means you're now a business owner, and you'll begin taking each transaction more seriously
- Reason #2: Accounting - When you set up an LLC, you can set up a business banking account instead of co-mingling your personal and business accounts; You can also take advantage of tax benefits
- Reason #3: Liability Potential/ Asset Protection - An LLC protects you from personal liability in case of a business lawsuit
- Are there disadvantages to forming an LLC?
- Sam and Lucas play “The Net Worth Game”
- Schedule Your Free Business Strategy Consultation with Prime Corporate Services - https://primepartner.info/fasterfreedom
Meet the Founder of FasterFreedom
I founded FasterFreedom to teach people just like me to take ownership of their freedom. There is a reason why real estate creates 90% of millionaires in this country.
It's an incredible vehicle for leverage, cash flow, appreciation and the sheer practicality of it… Everyone (and I mean everyone) has the opportunity to benefit from Real Estate.
Real Estate can be overwhelming at times which is part of the reason why we don’t see more people taking advantage of the incredible wealth creating opportunities it provides.
I launched FasterFreedom to do just that… we provide the foundation and grooved path for individuals wanting to achieve freedom and financial independence through Real Estate Investing.
I pride myself in practicing what I preach, meaning all of my lessons and tips are constantly updated and based on the real investing that I do right now- so you only learn what works and not through theory or outdated practices!
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