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Updated almost 9 years ago on . Most recent reply

Daniel Highsmith's profile image
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Daniel Highsmith
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  • from Cross Plains, Tennessee
  • Member since Jun 21, 2016
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Daniel Highsmith's profile image
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Daniel Highsmith
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  • from Cross Plains, Tennessee
  • Member since Jun 21, 2016
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Daniel Highsmith
  • Investor
  • Cross Plains, TN
12
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Insurance

LLC or Umbrella Policy

Daniel Highsmith
  • Investor
  • Cross Plains, TN
Posted
I have one SFR and plan on getting more. Should I move this rental (and others) into an LLC or buy an Umbrella Insurance Policy on it? I have insurance on the rental already and I'm not worried about the "due on sale" clause that might happen when transferred to an LLC.
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Arpan Patel
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  • from Chicago, IL
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Arpan Patel
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Arpan Patel
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  • Chicago, IL
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Arpan Patel
  • Investor
  • Chicago, IL
Replied

Why not both? Umbrella doesn't give you asset protection and LLC doesn't give you any assurances. Podcast 109 with Attorney Scott Smith I think has some great info on this.

-AP

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