Author Topic: Asset protection options  (Read 1137 times)

imustachemystash

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Asset protection options
« on: September 02, 2016, 01:40:48 PM »
Hi wonderful forum friends!  I want to expand my real estate empire (I currently own 1 rental) and I am wondering about asset protection.  I have read about the pros and cons of having an LLC vs. an umbrella policy and I keep hearing mixed opinions.  I decided to start this thread to gather a few more opinions from the Mustachian point of view.  What are you investors comfortable with?

tonysemail

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Re: Asset protection options
« Reply #1 on: September 02, 2016, 01:47:43 PM »
this thread informed my opinion on this, particularly Daleth's posts.
I use a commercial umbrella policy.
have you sought the advice of a professional?
http://forum.mrmoneymustache.com/real-estate-and-landlording/llc-5148

imustachemystash

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Re: Asset protection options
« Reply #2 on: September 02, 2016, 10:03:03 PM »
Sweet!  Thanks for the link to that post.  I haven't consulted with professional yet.

NoNonsenseLandlord

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Re: Asset protection options
« Reply #3 on: September 03, 2016, 05:59:24 AM »
You only have one property now, I would wait until you get another property before you set up an LLC or other business entity.

I set up each property in it's own LLC.  I have a S-Corp that manages all the properties.  I also have a master LLC that handles all the business functions for each property.   I only have one checking/bank account for all the business entities.

I actually just wrote something about how I do my own properties here.
http://www.nononsenselandlord.com/2016/08/hold-rental-property/

imustachemystash

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Re: Asset protection options
« Reply #4 on: September 03, 2016, 01:22:21 PM »
Thanks NoNonsense.  What a timely post.