LLC OR NO LLC?

[Georges A.]

I keep hearing different views and opinions from re investors around me.  Some recommend that I put my properties under LLCs (one for each) and others claim that an umbrella insurance would suffice.

I currently have an umbrella insurance for all my properties and have them all running under a Property management LLC that I own. I believe that the advantages for not having an LLC are:

-  I can represent myself in court if the issue was not important (with LLCs a lawyer must represent me)

- I don't have to deal with the bank calling the loan due on me. I have yet to know one lender willing to change the Mortgagor from Owner to LLC

- I don't have to deal with the tax ramifications as it is around $500 / year for each LLC here in Boston where I live.

I would love to get more feedback on this topic.

Thanks,