The David Greene Show
To LLC Or Not To LLC? Mortgage Monday
Dec 2, 2024
Christian Batchelder, a mortgage and insurance broker specializing in real estate financing, joins to discuss the big question: Should you place your home in an LLC? They explore the pros and cons of LLC ownership, including its effect on financing and legal protection. The conversation delves into alternative strategies like umbrella insurance for asset protection and the impact of different loan options on property investments. Christian emphasizes the importance of expert guidance in navigating real estate financing decisions.
19:01
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Quick takeaways
- Owning property in an LLC offers some legal protections, yet it doesn't guarantee complete safety from personal liability in lawsuits.
- Obtaining an umbrella insurance policy can provide higher liability coverage at a lower cost than managing an LLC for property protection.
Deep dives
LLC Ownership and Legal Protections
Putting a property in an LLC may provide some legal protections, but it is not as foolproof as commonly believed. When a property is held in an LLC, there is a risk that a court could pierce the corporate veil, allowing creditors access to personal assets if negligence is proven. Many homeowners mistakenly think that an LLC fully protects their personal wealth from lawsuits related to the property. However, maintaining proper liability insurance can offer substantial protection without the complexities associated with LLC ownership.
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