All Forum Posts by: Ken George

Don't know what costs are incurred dissolving the LCC but it's worth a shot finding out. Any loan will end up in your name regardless. I've been where you are and my advice is to consult with a commercial mortgage broker (residential is <5 units and easier to obtain financing) and forget the useless banks. Work smart.

Michael, I own several commercially zoned apt. buildings (5 or more units) and all are owned in my name. I have no partners. I have a Lloyd's commercial $1m blanket liability policy which is adequate coverage since rarely does any claim ever reach that level. The yearly premium is $4300 for 43 units. I have never had a loss in 12 years, all structures are very well maintained and were inspected by the insurer, and I screen all tenants. If you are an individual with adequate liability coverage, it makes no sense to form an LLC. An LLC only serves to complicate matters, increase costs and makes some people feel important. On the other hand, if you are a slumlord.....