Top 3 Reasons to Buy Real Estate Under Your LLC" | EP. 54
The FasterFreedom Show: Change the Way You Think About Freedom · Sam Primm and Lucas Walls
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Show Notes
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
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”
And more!
Resources:
-Schedule Your Free Business Strategy Consultation with Prime Corporate Services - https://primepartner.info/fasterfreedom
Connect with Sam and Lucas:
- Website - https://fasterfreedom.com/
- Instagram - https://www.instagram.com/samfasterfreedom/
- Facebook - https://www.facebook.com/SamFasterFreedom/
- LinkedIn - https://www.linkedin.com/company/faster-freedom/
- YouTube - https://www.youtube.com/channel/UCQ0PT_ukTeNVAr0XPiSX2Lw
- TikTok - https://www.tiktok.com/@samfasterfreedom