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Old 06-27-2012, 04:50 PM   #21
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I own 3 SFH's in Phoenix and 1 in N. Las Vegas. I simply have a homeowner's insurance policy on each property as well as an umbrella policy. I've researched LLC and it all sounds like a good idea, but what really turned me off by them is that I read that if you want to evict a tenant, you MUST hire a lawyer to go through the proceedings on behalf of the LLC.
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Old 06-27-2012, 07:11 PM   #22
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Originally Posted by LeBlanc View Post
I own 3 SFH's in Phoenix and 1 in N. Las Vegas. I simply have a homeowner's insurance policy on each property as well as an umbrella policy. I've researched LLC and it all sounds like a good idea, but what really turned me off by them is that I read that if you want to evict a tenant, you MUST hire a lawyer to go through the proceedings on behalf of the LLC.
Thanks that is new and valuable information I could see how that would be a PITA. I am using a property manager I doubt they use lawyers for evictions.
I've pretty much decide that I'll just stick with an umbrella policy for now.
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Old 06-28-2012, 10:51 AM   #23
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Quote:
Originally Posted by LeBlanc
I own 3 SFH's in Phoenix and 1 in N. Las Vegas. I simply have a homeowner's insurance policy on each property as well as an umbrella policy. I've researched LLC and it all sounds like a good idea, but what really turned me off by them is that I read that if you want to evict a tenant, you MUST hire a lawyer to go through the proceedings on behalf of the LLC.
Why is that? As owner and acting agent for the LLC, what stops you from filing legal paperwork on its behalf?

That would certainly be true in certain circumstances (such as the LLC being within a self directed IRA where you are hands off), but I can't see how that's the case in the usual circumstance.

Or am I wrong?
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Old 06-28-2012, 11:05 AM   #24
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If they both stay for another year, I guess I could require this in lieu of a rent increase.

B
Are you sure that they don't currently have it?
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