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All Forum Posts by: Joshua B.

Joshua B. has started 1 posts and replied 2 times.

Thanks Tim. Check out the video in the STRLawguys site. It was interesting in terms of how a good lawyer can get past an LLC.

Hi All --

I read an earlier post on Biggerpockets about whether or not STRs should go into an LLC. My takeaway was that unless you have 10+ properties that it does not make a lot of sense. It sounded like it can be easy to "pierce the vail" of an LLC for a personal injury lawyer to go after personal assets (they sue the LLC and then they sue you). All things said... I feel like I can't protect against a situation where I get sued (e.g. someone slips and falls) and they "only" choose to go after the liability insurance on the property's policy, leaving the umbrella policy to pickup anything above/beyond the liability from the STR property. This seems simple enough and I could increase my umbrella coverage limits for added protection. However, how will I know a good lawyer will not stop there? I've been watching a lot of videos from https://www.strlawguys.com/ but this is going to cost a good chunk of change to setup a fairly complex protection structure. I'm curious what others are doing in this area and how worried I need to be about it (e.g. should I be thinking more than increasing the umbrella). I welcome your input!