Should You Get an LLC for Rental Property? (Costs, States, etc.)

Episode #1168 Get Fully Customizable Insurance Coverage for All Phases of Occupancy on One Monthly Schedule and Bill with NREIG: https://go.nreig.com/l/1008742/2024-1... Episode Show Notes: https://lnk.to/biggerpocketsYT Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?... Let Us Know What You Thought of the Show! https://www.BiggerPockets.com/Podcast... Grab “The Book on Advanced Tax Strategies”: https://store.biggerpockets.com/produ... Sign Up for the BiggerPockets Real Estate Newsletter: https://www.biggerpockets.com/email-s... Property Manager Finder: https://biggerpockets.com/findapm Asset Protection Strategies for Real Estate Investors: https://www.biggerpockets.com/blog/as... Connect with Brian: https://www.biggerpockets.com/users/b... Connect with Ashley: https://www.biggerpockets.com/users/a... This episode could save you tens of thousands, if not millions, in the long run. We get the same questions all the time: Do I need an LLC for rental property investing? Should I start an LLC before buying my first rental? Where is the best state for a real estate LLC? We’re not lawyers, so we can’t advise on this, but we do know someone who can—Brian T. Bradley, nationally renowned asset protection lawyer. Brian has heard all the “legal advice” from social media—an LLC makes you anonymous, an LLC helps you pay no taxes, and an LLC will completely hide your assets. If you’d prefer to 1. Keep your assets yours and 2. Not spend years in federal prison, this is the episode to watch. Just following any of the above (extremely incorrect) advice could not only risk your rentals, but also put you behind bars. In today’s episode, Brian shares a masterclass on asset protection, from which legal entities you need (LLCs, trusts, partnerships), to the biggest myth about where to start an LLC, how much it costs to keep your asset protection strong, and whether you really should buy your first rental without an LLC. Don’t know what an LLC even is? You better, and after this episode, you’ll be a pro! 0:00 Do You Need an LLC? 1:28 Protecting Your Assets 2:38 Do It BEFORE Getting Sued! 5:51 LLCs vs. Partnerships vs. Trusts 7:58 Best State for LLC 10:08 LLC or Rental First? 11:05 The “Anonymity” Myth 13:59 Ongoing LLC Costs 14:42 Asset Protection Trusts 101 21:15 Start Protecting Yourself! 22:33 Connect with Brian!