New investor but need Advice
I am a new investor and watched regularly Bigger pockets podcast, youtube, etc. I am very interested in buying real estate but I am afraid of getting sued over by renters. I know I can start an LLC but if I am the sole owner of the LLC, can any one get to my personal property (home, stocks, etc.)? Is there any way I can protect my personal property from what I am investing in?
Thank You
Ravi
Most Popular Reply
@Ravi Sivarathri I agree with the comment on umbrella insurance, it's a great first step to help protect you in the event someone sues you. But more importantly, read Brandon Turner's Book on Managing Rental Properties. I read this as a first time landlord and it helped me gain a ton of confidence and also taught me what I can and cannot do. Lots of great advice like knowing what criteria you can base tenancy on and what you cannot. There are also website links in the book to free rental management forms like leases, renewal request forms, etc. Also, consider the laws in the state you plan to invest in - are the laws more favorable to landlords or tenants? I invest in a state that is more landlord friendly where there are more laws on my side in the event anything were to happen. But ultimately, best advice I have gotten is to be a fair and firm landlord and take good care of your properties.