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Old 12-12-2015, 08:57 PM
 
Location: Allen
283 posts, read 404,464 times
Reputation: 39

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For those with investment property, do you prefer to go with LLC or Umbrella or both or just plain insurance to protect your assets ? Is LLC alone sufficient ? What's the starting cost and maintenance cost of LLC in Dallas ?

Thanks !
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Old 12-12-2015, 10:24 PM
 
Location: Here and There
497 posts, read 696,484 times
Reputation: 1056
You should really talk with an attorney. When I met with one to discuss this same issue (parent is the one with the rental properties and also attended) we were told that the umbrella policy would be enough. I was surprised since I was the one always pushing for an LLC.
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Old 12-13-2015, 01:38 AM
 
500 posts, read 583,675 times
Reputation: 772
I would speak to an attorney that is familiar with with what you are trying to accomplish.

Personally, I would go the LLC route. That is what we have and both our attorney and financial advisor recommended such.
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Old 12-13-2015, 02:14 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,722 posts, read 58,054,000 times
Reputation: 46185
IF you are adequately insured, have limited assets and exposure, ... an umbrella may work.

I use BOTH for different situations (I have 6 LLC's, but never enough!). Remember to add 'additional insured' to your Umbrella policies.
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Old 12-13-2015, 06:44 AM
 
Location: DFW
40,951 posts, read 49,189,517 times
Reputation: 55008
Umbrella policies are cheap. I would do both.

People are sue crazy. I have a close friend that was sued by a tenant. It was one of those horror stories you see on TV with an evil attorney, false accusations and them trying to get rich.

If you have money, there are attorneys and people who want to take it from you.
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Old 12-13-2015, 07:53 AM
 
Location: Shady Drifter
2,444 posts, read 2,764,533 times
Reputation: 4118
**Not legal advice**

The point of an LLC is to put certain assets under that LLC. So if "you" don't own a rental home, but "Richard88, LLC" does, and a tenant or someone else sues the landlord, then that house is the only asset that would be available if the tenant wins. That's different than insurance, which is also hazard protection.
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