How to protect my duplex (under my SSN) against lawsuits.
Rookie mistake! I bought my first property under my own personal SSN instead of buying it under an LLC.
How can I protect it against potential lawsuits?
Thanks
Quote from @Krystle Tavernier:Are you expecting lawsuits? Are you a slumlord?
Rookie mistake! I bought my first property under my own personal SSN instead of buying it under an LLC.
How can I protect it against potential lawsuits?
Thanks
Have good coverages on your landlord insurance policies and get a minimum $1mil umbrella policy
@Krystle Tavernier
Rookie mistake! I bought my first property under my own personal SSN instead of buying it under an LLC.
How can I protect it against potential lawsuits?
You have to contact the lender to discuss this. Simply transferring any property from a person's name into an LLC without lender's consent can result in the lender accelerating the entire note. Also, having the property in your personal name does not just have personal liability concerns but whatever the loan amount is for the property, shows as a personal liability on your credit, affecting your debt-to-income which can be a drag on your personal credit.