LLC's in Different states or under 1 LLC?

[Johanna R.]

HI Everybody!

Im a relative newbie and Ive finally come to the point where I must LLC. I currently have 2 houses in 2 different states under 1 Umbrella policy but the insurer will only let me do this till mid year. Now Ive just bought my 3rd and 4th in 2 diff cities. So 4 houses in 4 different cities- FL, GA, IND and STL.

Id love to hear any suggestions or advantadges or disadvantages of having them in separate LLC's in each state or under one?

Also any recommendations to any LLC policy companies.

Thanks in advace for any help!
Johanna

[Steve Vaughan]

@Johanna R. no, all my multi's in the LLC are in the same state. I would still lean toward only one LLC if I was dealing with single-family homes in different states. For me , it's protection based on value. When my portfolio value within this LLC exceeds $2mil or so, I will diversify and place future assets into another. Another reason, along the tax reporting line not to open entities all over the place. Quarterly state B&O tax reporting. Every 3 months you may be dealing with this X4. No thanks!