Is a LLC really worth the money?
Hi!
Need some advice. I own several 2-4 unit multi-family buildings in the Chicago areas with loans, but the banks are starting to question why the title has changed from my personal name to a Series LLC. Not only is this bothersome, but insuring any property in Chicago with a LLC is very expensive. On average, its at least $300-500 more expensive for just having a building titled in a LLC. In addition to this cost, I have the LLC annual cost and the headache of having separate LLC bank accounts for each property. So, for all the extra costs for having a LLC for supposedly extra legal protection, is it really worth it?
All in all, I have a great property management company looking after the building and my buildings are well maintained. Risk is always there, but I try my best to minimize them as best possible. With the slim chance I get sued, how likely is that a LLC will be able to withstand the pressures of a attorney who is super motivated to squeeze every penny out of me?
My cash flow is tight these days and considering taking my buildings out of a LLC. Your advice will be greatly appreciate! Thanks! Johnny