In NC, How do I purchase my first rental property using an LLC?

[Archelle Williamson]

Hi, this is my first post as a new member and I have lots of questions. My first being, how do you secure your first rental investment mortgage after you set up your LLC? I already own my own home that I still pay a mortgage on 2 pieces of land I own outright but not sure I want to use the house as collateral. What do I need to do to ensure I can secure the mortgage I want without problem?

[Caleb Heimsoth]

Originally posted by @Brittany Pinney:

@Caleb Heimsoth what is 'good' insurance? I'm newer to real estate and don't want to fuss with an LLC yet. What do I need to make sure my insurance has to ensure my personal assets are protected in the event a tenant would try to pursue legal actions against me?

Get an insurance policy with at least 1M in liability coverage.  Then if you have significant (like more then 1M assets) you can add an umbrella policy for another 2-3 million in coverage