Updated 2 days ago on . Most recent reply
Trying to rent house so I can buy 2nd
I own a house. There is a mortgage on it. I don't want to refinance 2.6%. Can't put in LLC. "Due on Sale". I want to rent it out and go buy my 2nd house that will be my primary for a year. How do I protect my 1st house from lawsuits or whatever if I can't do an LLC?
This is the only way I can achieve my dream of buying a property every year till I have 6. Six is my goal.
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I got an umbrella policy for liability only for about $1700 annually and it has $1m in coverage. I think that is good enough if you can't move it into a LLC. And you can have multiple properties under that same coverage. I did it with 6 properties.