patrick.net

I've looked into forming an S-Corp vs. LLC and LLC seems to be the way to go.

Is anyone buying their investment properties through an LLC?

If the opportunity is as a owner occupied multi-family, can you still purchase it under the LLC?

Thanks.

OnTheFence says

owner occupied multi-family

You mean up to 4 units only.
LLC is for your liability protection, but much more difficult to get financing.

Thing is with an LLC is that if its just you and your spouse it really doesn't offer any protection. Any lawyer capable of passing the bar will be able to pierce the LLC and go after personal assets. Yeah, they have to do a bit more work, but not enough to deter them if you do have any worthwhile personal assets. Stick cousin Louie or someone else in there with a small stake in the LLC though and that makes it harder to pierce.

For us was cheaper to just get a good umbrella policy and seemed to offer adequate protections, and as previous poster said, makes financing a whole lot easier not being a LLC.

@REpro: Thanks for your reply. What I mean by "owner occupied mulit-family" is that I would live in one of the units. It could be a duplex or larger, I don't believe there are any limits on the quantity of units and whether LLC purchases would be applicable or not.

I've heard it can be harder to get financing, I'm in the process of investigating it now with Wells Fargo. I'll keep the thread posted on my progress.

Thanks