As a new investor do I need an LLC

General Real Estate Investing
1

Hi,
I’m new to property investing in North TX, looking to purchase my first rental dwelling this year. Should I form an LLC before the first purchase or wait? I’m afraid if I don’t do it now my taxes, legal documents etc will have different names by the time I make the 2nd purchase.

2

What do you plan to gain with the LLC?

3

I like the legal protection and the separate bank accounts from an LLC, but I am not sure if I need it immediately. I guess in the long run, as I acquire more properties I need it.

4

There is no legal protection if you plan on managing the LLC yourself unless you will invest with a partner.

You can maintain separate bank accounts with or without an LLC.