Should I Put All Of My Rentals Into A Corporation/LLC?
Hello, I am looking for a bit of advice here. I just purchased my 6th single home rental property and they are all in my name. I have heard of many landlords starting a corporation/LLC and putting the homes in the corporations name. This seems like a great idea because of liability. Are their any downfalls/gains? Is this worth the lawyers fees? Are there any tax advantages? Any advice would be greatly appreciated! Thanks!
Place EACH property into a separate land trust to limit your liability. With six properties it is time you consult a RE attorney with experience in trusts.
"Is it worth the lawyers fees?" Only if you get sued, then it is definitely worth the lawyers fees!
Thanks everyone
Thats a good question, I belive if I change my title my curent lender will not allow the mortgage to continue, I purchased as owner occupied.
Each rental has rental insurance (single family) of 2 million for liability. Do you feel this is enough?
Quote:
On 2007-03-25 13:11, darrylgood wrote:
Each rental has rental insurance (single family) of 2 million for liability. Do you feel this is enough?
It depends on a number of factors including your net worth. An experienced RE attorney can help you with this and provide good legal advice based on all the facts. Good luck!
10yrs old. he got lucky, Id let him slide on the carpet. Hes doing you a favor, go back with lanimate tile squares. I just changed the carpet for tile in three units. Next time renters change, Ill just replace tile for $5 and the place will look brand new. Carpet in bedrooms only for me, from here on out.
But Id bet your renter has broken other things.
In my small town, I get near universal praise for hardwood throughout the house. The other day I got an REO house with filthy carpet. Underneath was good looking hardwood. I told the realtor how much I appreciated the previous landlord protecting the hardwood with carpet all these years (o;
KEN