All Forum Posts by: Richard Thomson

Hello! I attended a couple of property workshops a few years back where the "gurus" emphasized the importance of holding properties under LLC to minimize the risks of losing your other assets in case someone or some tenants decide to sue you for damages.

I have since experienced the inconveniences and expenses in holding these properties under an LLC. To cut the story short, I have some questions I hope my seniors here would be able to help me:

1) If I were to quit rent the properties currently titled under an LLC to me personally, what are the costs/expenses involved?

2) What is the procedure of closing down an LLC?

3) Any other tax issues?

Thank you very much,

Richard Thomson

Thank you very much, guys, for your inputs. I am talking to State Farm and see if they could offer a competitive price.

I attended a few real estate workshops. Almost all speakers emphasized the need for asset protection, and that the best way to do this is through ownership via an LLC. Following their advice I titled my 2 rental properties (2 flats) under LLC. Three years down the road I find that the expenses involved are substantial, like keeping the accounts, IRS filing, legal fees (can only be represented by attorney), blah blah blah, all adding to become a good chunk and chipping away at my rental income.

Were I to have them under personal name, many expenses would become substantially less.

My dumb question: Which way makes more economical sense: LLC or personal?

Would greatly appreciate help from my seniors in RE investing so I can understand better.

Regards,

Richard

I own 2 renter houses (2 flats) titled under LLC. The last insurance company that I took out insurance with kind of misled me and sold me coverage that did not include Landlord's Protection. They later told me their company does not sell this type. I called a couple of other insurance companies and they told me that they do not do LLC either, since it is considered commercial becoz title held by LLC. Can someone refer/recommend me to talk to good insurance companies which sell Landlord's Protection Insurance (Liability) ? Thanks. Richard Thomson

Thanks very much for your help. I will be in touch.

Hi! 

I am looking for a good, reliable and reasonably priced property management company to manage my properties in Chicago. I live within the same area but frequently have to travel out of state for extended periods.

Thanks so much for your help.

Richard

I am looking to invest in Leftover Liens in Cook County, Il. Could some sensei out there with experiences in Leftover Liens share their triumphs?