What is the name of your state? FLorida
Hello, I own a house in northern Florida , which I currently live in. I have also just bought a second house which I will move into shortly. Given the slow real estate market the sale of my first home has been slow, so I decided I want to become a real estate investor and rent it with a lease purchase option. This will get me top dollar with the option to get the house back if my renter/buyer backs out.
Question: Would it be wise to create a LLC company and transfer the house to it, so I can avoid personal liability? Also, would I love the tax advantage if I do this? I need some advice. I found a suitable renter/buyer who I am in the process of screening, background checks, credit report, etc, so I am close to a deal. Any info is appreciated.
Regards
Ron
Hello, I own a house in northern Florida , which I currently live in. I have also just bought a second house which I will move into shortly. Given the slow real estate market the sale of my first home has been slow, so I decided I want to become a real estate investor and rent it with a lease purchase option. This will get me top dollar with the option to get the house back if my renter/buyer backs out.
Question: Would it be wise to create a LLC company and transfer the house to it, so I can avoid personal liability? Also, would I love the tax advantage if I do this? I need some advice. I found a suitable renter/buyer who I am in the process of screening, background checks, credit report, etc, so I am close to a deal. Any info is appreciated.
Regards
Ron