All Forum Posts by: Yoochul C.

For how often LLCs are touted, it does seem interesting (maybe even telling) that in a community as large as this one almost nobody has a first hand experience where an LLC saved them from damages that an ordinary insurance policy could not.

You would think right? Not one story of somebody being sued?? I think its the lawyers on this website that is doing a disservice to people on this site.

0 Votes

Originally posted by @Ryan Dossey:

That's like walking into boxing gym and asking the ufc fighters if they've had their heart broken.

Can you elaborate?

0 Votes

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

4 Votes

Wyoming and Delaware provide alot of anonymity. Those two states don't require member information and if you use a third party registered agent, then your name will not show up on the articles.

Hope this helps.

Yooch

0 Votes

Originally posted by @James Miller:

Originally posted by @Yoochul C.:

Do you have any case law that you can share with us that says that having a LLC protected somebody assets other than having a really high umbrella policy?

Last one I was reading lately was Shook v Walden, a Texas third court of appeals case. Probably not applicable to your situation. But, there are hundreds if not thousands of cases about LLCs protecting Members. High Umbrella policies may actually encourage litigation against you (the Plaintiff's lawyer knows someone will be paying), OR your high umbrella policy may not cover your issue. You'd probably be amazed at the things insurance polices won't / don't cover.

This case does not pertain to me. Please provide a case that pertains to landlord tenant relationships in which it involved injury or something else tenants sue landlords for.

Thanks

0 Votes

welcome to BP, there is lot to learn in here. :)

0 Votes

I just did a cash out refi on a rental. It should be doable. I got a cash out refi at 4.625 and $125k. Value of the home was $550k

0 Votes

Do you have any case law that you can share with us that says that having a LLC protected somebody assets other than having a really high umbrella policy?

0 Votes

welcome to BP

0 Votes

In Texas, most of the older homes have asbestos siding. Can't really get around it. I'm in escrow on one, its not an issue unless you remove it. I have been quoted about $2500 to remove the siding off a 1000 sq ft. home. Its not an issue. I didn't have any problems finding anybody to insure the home. This is in TX though. Don't know about other parts of the country.

Thanks
yooch

0 Votes

All Forum Posts by: Yoochul C.

Yoochul C. has started 16 posts and replied 202 times.

Post: Who's Been Sued

Post: Who's Been Sued

Post: Who's Been Sued

Post: Setting Up LLC.

Post: Forming an LLC in Houston TX

Post: Building my networking sphere

Post: How to pull out money from a 2 flat that isn't your primary residence?

Post: Forming an LLC in Houston TX

Post: Newbie from Miami, FL

Post: Buying a Property with Exterior Asbestos Siding