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Updated about 9 years ago on . Most recent reply

Derrick Cooper's profile image
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Derrick Cooper
  • from Minneapolis, Minnesota
  • Member since Jun 11, 2015
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Derrick Cooper
  • from Minneapolis, Minnesota
  • Member since Jun 11, 2015
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Derrick Cooper
  • Minneapolis, MN
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General Landlording & Rental Properties

LLCs

Derrick Cooper
  • Minneapolis, MN
Posted
Hello All, We currently own 1 single family rental, and are about to turn our current residence into a rental as well. We have a $1 million liability umbrella. At this point would you recommend putting the rentals into an LLC to mitigate risk? Thanks in advance for the help!
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Al Williamson's profile image
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Al Williamson
  • Rental Property Investor
  • from Sacramento, CA
  • Member since Nov 15, 2011
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Al Williamson's profile image
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Al Williamson
  • Rental Property Investor
  • from Sacramento, CA
  • Member since Nov 15, 2011
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Al Williamson
  • Rental Property Investor
  • Sacramento, CA
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Al Williamson
  • Rental Property Investor
  • Sacramento, CA
Replied

@Derrick Cooper yep ask a lawyer BUT

If you're currently on title and you transfer your property into a LLC, then you will still maintain a public record trail. Anyone can easily figure out you're the owner.

Not much privacy or protection - in my opinion.

The LLC tax advantages are HUGE and make the entity worth while for me - even in CA that has $850 annual fees.

Best to you

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