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+--- Thread: llc for mortgage (/showthread.php?tid=130)
llc for mortgage - KarthikL - 07-24-2024
Hi, I am in process of acquiring a new property for sole purpose of airbnb and maybe other platforms. My agent recommended me to do an LLC and have the title under LLC name. I will still get mortgage with my guarantee and get individual rental property mortgage. They are saying it's better for legal protection as I can run the BnB under that entity now and keep accounts clean vs my personal. Any advice on this and is that really useful?
RE: llc for mortgage - CEOofFUN - 07-25-2024
talk to your attorney or an accountant, not randoms on the internet.
RE: llc for mortgage - NYTA - 07-27-2024
I did it but that was a cash deal, its going to be more complex if you are getting a mortgage. Highly recommend to put that wall of protection somewhere...maybe setup a host company LLC ...and make sure you carry your own insurance for damage and loss of income. As the CEOOFFUN said, talk to a legal expert and accountant on this, depending on the state it can be pretty complex.