Should I start an LLC prior to purchasing my first investment property? Or do I wait until I have a few properties and get an umbrella policy, or do you advise to do both?
I would recommend starting with an LLC. But it isnt required.
You will need home owners insurance either way you and you want to make sure it covers you/the property as a rental. An umbrella policy could help but again, isnt something I consider necessary. Shop around if you are looking for one and make sure you know exactly what is covered and when it kicks in. Some only kick in after you get to a certain amount of damages.
Do you have assets? If not, an LLC should be enough. If yes, then go with both.
Thank you! Sorry, I should have mentioned that I know I need insurance on the actual property, but sounds like an LLC may be advised, I appreciate it!
Thank you! Probably go with both, I do have assets I would like to protect and seems like everyone looks for a reason to sue these days. I will look into doing both, I appreciate it!