how many separate houses would you put in an llc

[conflict101]

Wait this is a moot point and totally separate issue zig. That was an old thread. Y are we dredging this up. My question revolves around LLC issues. Also. I'm only given $100 k a year for next 10 years. I had a spendthrift clause in the trust..

 

[Zigner]

Wait this is a moot point and totally separate issue zig. That was an old thread. Y are we dredging this up.

The thread was started on 7/21 of THIS year. Yeah, real old

Furthermore, you have an attorney, talk to your attorney. Personally, I think you're full of it when you say they changed the law based on your actions.

 

[conflict101]

I didn't cause them to change the law yes that is correct but I did bring up issue at public meetings and zoning board and I took a lot of heat. It was ultimately township solicitor who drafted a new ordinance that replaced the old one to comply with fair housing. I had an indirect influence only. It only passed unanimously because of fair housing 4 members opposed it up until the vote. I don't have actual minutes but I talked to a member who filled me in

 

[conflict101]

I will hire an attorney yes. I didn't realize this forum was only open to those who cannot afford one

 

[LdiJ]

Wait this is a moot point and totally separate issue zig. That was an old thread. Y are we dredging this up. My question revolves around LLC issues. Also. I'm only given $100 k a year for next 10 years. I had a spendthrift clause in the trust..

Once again...no one with rental property needs to put it into an LLC if they carry adequate liability insurance...and on top of that, the cost of adequate liability insurance is quite likely LESS than the annual cost of having the property in an LLC.

 

[conflict101]

Thank you lb. I will look into it my reason was to limit any outside assets from being touched in the event the regular liability did not suffice. Too hard to predict what can happen. Want to limit liability to each property only.

 

[LdiJ]

Thank you lb. I will look into it my reason was to limit any outside assets from being touched in the event the regular liability did not suffice. Too hard to predict what can happen. Want to limit liability to each property only.

Then simply get adequate liability insurance on each property. Seriously, it does not cost a huge amount to get even 1 million of coverage on rental property...and even less to get an overall umbrella policy that covers you for all your property. You also have to take into consideration what your real liabilty could be...and what you could do to mitigate that liabilty.

 

[eerelations]

I will hire an attorney yes. I didn't realize this forum was only open to those who cannot afford one

That's not the reason you need to hire an attorney. The reason you need to hire an attorney is that you're wading into legal matters that are 'way 'WAY 'WAY beyond the scope of an internet forum.

Now I'm dying of curiosity, what are all these laws you've been breaking that you've done stopped breaking???

 

[OHRoadwarrior]

It is no longer considered a boarding house zig as long as no more than five people. My history has nothing to do with my future

Hmmmm, What happened to the altruistic advocate for the poor, battling the man in an attempt to help the poor and unfortunate? Oh yeah, that was last week. This week it is all about the Benjamins. We see your true colors shining through.