LLC for rentals, pros and cons?

[Anjali L.]

I have a couple of houses in New Jersey that I'm thinking of putting into an LLC individually. Any pros and cons moving from primary residence to LLC? New to this and would've appreciate any suggestions.

[Chase Lowry]

There are attorneys trained to find people with assets and large amounts of wealth. 

Scenario 1(No LLC): Say you get into a car crash and it happens to be your fault. Victim Dan goes to attorney Mike. Attorney Mike sees that you have 2 homes in your personal name. Attorney Mike then sees that you have high equity in both of these properties... $$$. Attorney Mike concludes that it is worthwhile to go after you and your assets. Dan wins the case and you lose your portfolio.

Scenario 2(LLC): You get in the same car crash. Victim Dan goes to Attorney Mike. Attorney Mike does some research and sees that you are the member/owner of Anjali Holdings LLC. Anjali LLC is an umbrella LLC over 123 Main St. LLC and 123 South Dr. LLC. Attorney Mike deems this as not a worthwhile fight. Attorney Mike does not take the case. You keep your assets.

These are just hypothetical examples but for around $450 you can sleep well at night knowing your assets are safe.

GET THE LLC!!!