To LLC or not to LLC

[Roman Kozlov]

I purchased my first investment property, a section 8 single family rental in Syracuse NY, under my name. I am contemplating creating an LLC to hold the property in and would like to hear from other fellow NY state investors. I only have the one property for now. Should I create an LLC or keep it under my name for now? Would love to connect with other investors and hear your thoughts.

Thanks!

[Frank Chin]

@Roman Kozlov

There's been a lot of discussions about this subject. In short, you need a good umbrella policy instead of an LLC. See: LLC vs Umbrella

LLC's does not prevent people from suing you personally, and for this reason if you are insured under an LLC, you should also get an endorsement that covers you personally.