Should we believe the lawyers that we're all going to get sued?
Hello friends,
I have heard many podcasts with lawyers saying that real estate is the most common source of lawsuits and that its not if but when we'll get sued. A lawyer obviously has a vested interest in scaring us but I was wondering if anyone actually knows of any data on this topic. What is the actual risk of being sued? Are there studies saying that X% of real estate investors have been sued? Does it depend on how much real estate you own?
It seems like there are strong opinions about an LLC, multiple LLCs, series LLCs, Something in Delaware, offshore accounts, umbrella polices but I have yet to see any actual data on the topic.
Calling all quants and data nerds, I need help.
Thanks
Dan
PS, I have 4 offers out there so I hope to be under contract on my first (or first through fourth) properties soon.