DO YOU REALLY NEED TO GET AN LLC WHAT BENIFTS DOES IT OPEN UP TO INVESTORS
In one word, “yes”, it’s worth transferring the property to an LLC. Simply put, if someone is injured on your rental property, they cannot take your primary residence if they decide to sue you and are awarded damages by a judge. It’s really an extra form of insurance.
No, you don’t really need an LLC. A lot of people buy and hold investment property in their own name. A lot of people flip property from their personal account.
You don’t need the LLC to buy and sell real estate. The benefit of the LLC is to limit your liability in the event of a lawsuit. While, you don’t “need” the LLC, the benefit you may derive from having one is best addressed by answering this question: What is the value of the equity in everything you own?
I like this analogy to insurance. Consider your homeowner’s insurance. Do you ever expect your house to burn down? Do you take appropriate preventive measures to prevent this from happening? You may not ever file a claim, but you have hazard insurance just in case something goes wrong.
In the same way that homeowners insurance is there when something goes wrong, the LLC is there to limit your liability exposure in the event of a lawsuit.