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LLC is most common for serious landlords that have multiple
Posted on: May 2, 2024 at 11:34:16 CT
Joeboo MU
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rental properties. And generally each property in a separate LLC, not all bundled together in one LLC. You don't want a lawsuit against one LLC to have access to the assets of other non-related properties.
You don't want that online property record nor the insurance in your personal name if you can help it
Be wary when acquiring insurance though. *Some* companies don't have the option of setting up a property policy in the name of an LLC, so you'll see agents put the policy in your personal name with the LLC listed as an additional insured (similar to a morgagee)
That basically negates the protection provided by an LLC, defeats the whole purpose.
You want that insurance policy to only reference the LLC when it comes time for a lawsuit.
Edited by Joeboo at 11:35:03 on 05/02/24
You don't want that online property record nor the insurance in your personal name if you can help it
Be wary when acquiring insurance though. *Some* companies don't have the option of setting up a property policy in the name of an LLC, so you'll see agents put the policy in your personal name with the LLC listed as an additional insured (similar to a morgagee)
That basically negates the protection provided by an LLC, defeats the whole purpose.
You want that insurance policy to only reference the LLC when it comes time for a lawsuit.
Edited by Joeboo at 11:35:03 on 05/02/24
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LLC is most common for serious landlords that have multiple - Joeboo MU - 5/2 11:34:16