Who's Been Sued

[Yoochul C.]

Ok landlords,

Who's been sued. Tell me your story and did a LLC help or not help you? Did a large umbrella policy protect you? I think we've all been going about this from the wrong side whether you need a LLC or not. I'd like to hear from people who's actually been sued as a landlord by a tenant.

Thanks

Yooch

[Jerry W.]

About 15 to 20 years ago me and 4 other people decided we wanted to buy an old oil refinery.  It still had a few buildings and about 30 acres inside the city limits.  Price was $100K.  I insisted we form a corporation and follow all corporate formalities.  it was a good investment.  Paid itself off and started putting money into our pocket about 6 or 7 years ago.  Then the EPA came and checked and found asbestos.  They did a forced cleanup for about Five Million dollars.  Now we are hoping that they concentrate mostly on the oil company that originally tore down the buildings and buried a lot of pipes covered with asbestos instead of putting them in a landfill.  Even with the property being worth about $400K today, since it is in a corporation if they sue us for say half the cost, we can just walk away and they get none of my personal assets.  Insurance will cover none of their cleanup costs.  I am dam glad I insisted on forming a corporation.  I could have potentially lost everything I built for the last 25 years, and I am a little old to start all over again.  Anyone here want to fight the EPA in court or bet our government is just too nice to take all my assets if they get a judgement?