All Forum Posts by: Sean Delagrange

@Daniel Johnson LLC per property.

@Nick Shri this is interesting, thank you I’ll look Into this.

Also thank you to everybody else who has responded to this post, I honestly did not realize it would trend like this, I appreciate everyone’s guidance and tips!

@Adam Lendi so is it not possible to have one LLC for this initial property, and if I purchase another one to move it into the same LLC and get an umbrella policy over both?  Is the umbrella policy not designed to protect each individual property from each other? If somebody slips and breaks their hip in property 1, could the umbrella policy make it so that only property 1 could be sued, and property 2 could not be touched? Making sure I understand that right because I'd love to avoid getting new LLCs every time if I do decide to go that route.

@Eric Goldman got it. I may try to find a good webinar specifically on this topic so I can have some foundational knowledge and decide from there. If you know of one that would be helpful! There’s always Google if not.

@Eric Goldman so you are saying you do one LLC per rental property?

@Joe Splitrock makes sense, thank you.

@Joe Splitrock thank you for this info! Got some research to do. I think my first move is speaking with a CPA...

@Matt Nico pretty sure an investment property requires 20% regardless, at least in GA it does. And I’m seeing rates in the low 3’s, so I don’t think I’m missing out on a ton there.

@Matt Nico they have 2 properties each, lol. So maybe they are costing themselves money?

And if I purchase the property in my name with favorable terms, then move to an LLC, those favorable terms might not stick? Sorry for the questions, appreciate the help. Seems like I need to read up on it. Luckily the close date isn't until July.

@Matt Nico interesting, this is the first I have heard of this. Thanks for pointing it out. Do you have a specific real estate rookie show you can point to that talks about this topic and how to avoid that clause? I would love to give it a listen very soon. I know multiple people who have their property in an LLC, so I wonder what they did to avoid it.