Bought a Triplex and got a LLC. Now what?

[John Novu]

I’ve currently closed on a triplex in San Bernadino county w/ 20% Down. I’m doing some cosmetic repairs, and hope to have enough to take out about 30K to invest in another property in 6 months. My realtor said I can take out the cash after 6 payments. 

Question: is now that I opened a LLC To cover me in case of a lawsuit. Will the LLC interfere with me taking out the cash? Should I wait until the refi is done before putting the triplex under the LLC?

Thank you 

[Michael Plaks]

Originally posted by @John Novu:

Thank you I figured that much. Wouldn't be better to protect your personal assets,'for a LLC fee than risk a lawsuit? @John Warren

There's a never ending debate on how much an LLC really protects you, as compared to merely buying a generous liability insurance. I'm not an attorney, so my opinion on this issue is worthless. (Which never stopped any non-attorney investor from chiming in.)

But I have heard numerous attorneys debate this issue to death, and I only learned one thing: two attorneys will NEVER agree on liability protection in general and on effectiveness of LLCs in particular.