Re: LLC - Landlord Forum thread 350940

Re: LLC by P-Bone (NY and OH) on March 1, 2017 @11:50

The problem with an LLC is that it must be properly capitalized. Even if you form one and put the property in the name of the LLC, being that the LLC doesn't have the leverage or credit to get the mortgage, it would still be personally held by you. Since the LLC cannot stand on its own, a lawsuit would pierce the LLC to you personally.

With that said, if you feel there is a concern, I normally recommend a large umbrella policy to cover any possible concerns that would run above and beyond what your current general insurance covers.

[ Reply ] [ Return to forum ]

Re: LLC by Jason (PA) on March 2, 2017 @17:22	[ Reply ]

Thank you to everyone who responded. I always thought an LLC was the way to go - I guess not. Thanks again! -Jason