Starting an LLC or keeping in my name

[Tyler Eastman]

We are closing on our first rental property tomorrow!!

As we acquire more rental properties and our business grows, should we put the properties under an LLC? If so, should we wait until we get multiple properties or should we do it right away after acquiring our first property?

[Terrell Garren]

Ha, I agree with both above.  My personal rule of thumb -

If net wealth < $1M, then $2M umbrella policy

If net wealth > $2M, the $2M umbrella and LLC.