All Forum Posts by: Robert Ikard

Just had a $5,000 amount of work I had to get done on a property. Water damage, rat damage. Just 6 months in on a tenant using the property.

What do you do to avoid those? Is your property manager doing monthly inspections for you?

Hello,

There are some attorneys doing videos suggesting each and every rental property be in an LLC and they recommend Wyoming LLCs. One refers to a woman who lost all of her rental properties and personal home because of a liability lawsuit.

-Is this a legitimate claim or scare tactic? Does there have to a situation where the landlord does not have insurance, or a serious case of neglect or reckless behavior for properties to be taken? 

-Can a person who owns multiple rental properties really be sued for all of their property including personal home?

-Is a good insurance policy with sufficient coverage enough? 
(how much coverage is sufficient?)

-Are LLCs necessary?  If so, is it necessary to use a state like Wyoming?

Thanks!

Yes that is so true.  It actually gives my creative spirit a chance to fly.