Looking for advice about LLC for properties
My wife and I currently own a Triplex and are in the process of acquiring a duplex. We are wondering if it is better to put the properties into an llc for protection. From what I have read in the forums there are many differing opinions on this. Any suggestions or information would be appreciated.
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Justin,
From what I've read, people take many different approaches on this. To my understanding, a LLC is to protect you and tour personal assets and create separation. If something happens to a tenant within a LLC, they can attack your asset within the LLC but your personal assets are protected. I'm not a lawyer, but this was the concept of my thinking when I created mine. Lsstly, be cautious of moving any properties with an existing mortgage into any other entity, it's unlikely but the mortgage holder can call the loan due, if the entity is not vetted through them and approved to take over.