First House Hack: LLC or Umbrella Policy?

[Shane Bishop]

Hello everyone,

My name is Shane Bishop and my wife and I are looking to purchase not only our first home, but our first investment property as well!! We are looking for an opportunity to do a house hack in the Upstate/Greenville area of South Carolina!  We are currently working with a realtor to research properties so that we can find the best place for us.

One question I was hoping to ask for some advice on is whether or not to create a LLC that we can put the house in or take advantage of an umbrella policy to better protect ourselves from some of liability we will be taking on with this investment property. I have listened to many podcasts and read so many different articles that argue the pros and cons to both, but wanted to seek the advice of the Bigger Pockets community on this to see what many of you have done and what your experiences have been with both the LLC route as well as utilizing an umbrella policy!

Thank you everyone for your help! I look forward to hearing all of your thoughts and possibly forming connections with the greater Bigger Pockets community.

Thank you!

-Shane