What I think is that, this depends on your level of comfort with chance and probability. The more properties you hold in a single entity the more you risk your income being affected in a law suit. If you hold, for example say five properties in a single LLC , and that entity is sued in court by a tenant in property number three. All of the assets in the Single LLC could be affected negatively. Most people I presume would prefer to have one property per LLC, thus limiting the exposure to any single claim.
Century 21 New Millennium - California, MD
Your Southern Maryland Real Estate Professional
OK, so here's my 2 cents. #1 I AM NOT AN ATTORNEY!!! My personal opinion is that the more LLC's you have is probably better. I would definitely consult an attorney to determine your liability.
Aug 25, 2010 08:48 AM
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
Thank you for the tip. If someone already owns a property can they set up LLC ?
Aug 25, 2010 08:50 AM
Realty Direct Boston - Boston, MA
Chris:
Thanks for releasing yourself from liability, but I agree with you.
Stephen
Aug 25, 2010 08:51 AM
Realty Direct Boston - Boston, MA
This is a blog for folks who realize that perhaps there was another way of doing their deals. It is a retrospective examination, and for those who realize that hindsight is 20/20.
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