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In this power-packed episode of Wealth Within Reach, I tackle one of the most frequently asked questions in real estate investing: "Do I need an LLC to invest in real estate?" The short answer? No—but the full picture is more nuanced and essential for any aspiring or current investor to understand. We dive into the myths, benefits, and timing of forming an LLC as part of your investment journey. We get into the difference between needing an LLC versus when it’s smart to have one.

I walk you through key considerations for when to start using an LLC, how to receive rent and manage expenses through it, and when (or if) you should create separate LLCs for each property. We unpack getting professional legal and financial advice tailored to your personal situation, especially once your portfolio grows. Plus, I share my own legal strategy and the tips I got from my real estate attorney.

Whether you're just starting out or growing your rental empire, this episode is a must-listen.

KEY POINTS: 

- Analog: Wearing a bike helmet and the concept of LLC

- The help of LLC in personal & business finances

- Some benefits of having an LLC

- Should I get individual LLCs for each property? 

- The potential to use commercial lenders and DSCR lenders 

- Should I get individual LLCs for each property? 

- Consider a team of experts

QUOTES: 

“Most of the investors I know that have 20,30, 40,50 properties do not have LLCs for each property. [Do] you know why? Because it is a financial nightmare to keep up with all of those different bank accounts.” – Erika Brown 

“If I have a partnership with this person, then we're gonna have our own LLC. If I have for my business, I've been advised that I keep up to a million dollars in each LLC. So, if I have a property in the net worth of that property is a million dollars, then that LLC is capped out, and I'm setting up a new LLC.” – Erika Brown  

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RESOURCES: 

Erika Brown

IG: @erikabrowninvestor

LinkedIn: @erika brown

Wealth Within Reach is produced by EPYC Media Network