Should I Put My House Hack into an LLC?
"Should I Create an LLC for My House Hacks?" Pam Maass, Chris Lopez, and Byron Elliott
How important is it to put your house hack stack in an LLC? We sat down with 3 local experts to find out when you need an LLC and other asset protection considerations.

Do you need an LLC for your house hack stack?  We get this question so often that we put together a panel of experts to walk you through the process and figure out when is the best time to put your assets into an LLC.  Estate Planner Pam Maass Garrett of Law Mother, Byron Elliott of 3 Pillars Law, and House Hack specialist Ben Einspahr with Envision Advisors joined me to talk about the three phases building your house hack stack, asset protection, finance and tax basics, plus estate planning.

House Hacking can be broken down into three distinct phases: when buying, while living there, and after moving out.  The protections you’ll need and the benefits of owning real estate in your own name will differ during these phases.  Putting your property into an LLC too early can leave money on the table.  On the flip side, keeping your house hack in your name as you build your house hack stack can open you up to liability after you move out. 

Whether or not you put your house hack in an LLC, there are other asset protection measures you should be aware of as a landlord, from getting the right insurance to tracking all of your expenses.  Check out the webinar to hear more of the details and connect with our experts when you’re ready to start the asset protection and estate planning process.

Watch the Webinar

In This Webinar We Covered

  • The three phases of house hacking—buying, living in it, and moving out—and when you should put the house in an LLC
  • What to be aware of when you transfer the title into an LLC, especially the due on sale clause that’s probably in your mortgage document
  • The cost of setting up and maintaining an LLC and why it’s a good idea to hire a professional to help you through the process
  • What’s the best system for tracking expenses and receipts?
  • The importance of good insurance and making sure to check the exclusions on your policy before there’s a problem
  • Is insurance the same for short-term and long-term rentals?
  • When you should start the estate planning process—surprise!  It’s earlier than you think.

Connect with Pam Maass and Law Mother:

Connect with Byron Elliott and 3 Pillars Law

Analyze Before You Buy
Start Evaluating Properties Today with Our Free Toolkit
In a rapidly changing market, having the tools you need to help you analyze the data is critical. Know what the numbers will look like ahead of time so you don't buy a bad deal. Our toolkit is designed to help you thoroughly analyze any kind of deal so you can invest with confidence.
Start analyzing your Colorado investment properties today
Rental Property Spreadsheet • House Hacking Spreadsheet BRRRR Calculator Spreadsheet • Fix and Flip Deal Analyzer Investing Maps • Rehab Pricing Estimator
Start analyzing your Colorado investment properties today
Rental Property Spreadsheet • House Hacking Spreadsheet BRRRR Calculator Spreadsheet • Fix and Flip Deal Analyzer Investing Maps • Rehab Pricing Estimator
Authors
Chris Lopez
Chris Lopez is a Denver area real estate entrepreneur and investor, as well as the host of Bigger Pockets’ House Hackerz and the Denver Real Estate Investing Podcast.
Similar Post You Might Also Like
Northern Colorado
Northern Colorado 2023 Q4 Residential Real Estate Trends
4th QUARTER 2023 RESIDENTIAL TRENDS: Northern Colorado. Attached home prices have again pulled back from this time last year indicating
Colorado Springs
Colorado Springs 2023 Q4 Residential Real Estate Trends
Learn more about the residential trends in Colorado Springs for the fourth quarter of 2023. Home prices have experienced single-digit
Sign Up For Our Newsletter
What do you want to learn today?

All registrants get the recording sent to them automatically.