Liability Protection

[Alex Stewart]

I have been in the real estate business for a few years but have recently rolled up my properties into an llc and set up a separate llc bank account in order to protect myself from a liability standpoint. I generally do most maintenance work myself and think I do a good job at being responsive to tenant repair requests. Besides insurance, am I doing everything I should be doing within reason to protect myself from lawsuits and liability issues?

[Justin Silverio]

Protecting yourself, yes I believe so. As long as the LLC is in good standing with your state. Whether your doing everything to protect your properties is another question. If you have >1 properties in an LLC, a lawsuit at one property can get to all the properties.

[Patrick Snyder]

You could set up an LLC for each property, which would help. Do you have an umbrella policy for coverage? If not, that will also give you protection. You can also make sure all of your houses are in good shape and up to code, which will reduce the chances of a complaint regarding condition.