Creating more than one LLC? - Posted by mikeW

Posted by Jason on October 10, 2003 at 14:49:15:

Hi Mike, Asset protection is all about layers. The more you have the better protected you are. I like to think of it as an onion where there are a number of layers between you and the creditor/plaintiff. More is better. Give me a call at 800-508-1872 x3201 if you want more details.

Creating more than one LLC? - Posted by mikeW

Posted by mikeW on October 07, 2003 at 19:50:54:

I’m a newbie here and am trying to read through the entire site before participating in the forums. But, I do have questions as I go along :slight_smile:

In this article Bill gives a purely hypothetical situations where one man has created 3 different LLCs to hold different properties. Is this practical in the real world or is this just an example to highlight the ‘no personal liabiliy’ point? Do people really create numerous LLCs to hold different properties? Or do they just create 1 LLC which holds all of their properties?

Thanks in advance :smiley:

Re: Creating more than one LLC? - Posted by Dimpil

Posted by Dimpil on October 11, 2003 at 08:29:39:

From reading Rich Dad’s books and then asking a few questions to some investors I know. Yes, you need create several LLC’s to hold the several properties. I’m going to do 10 properties per LLC maybe less but right now it’s 10.

Reason cited by many, if someone sues the LLC and they win, you are only out those in that LLC not your entire portfoloio of real estate holdings.

My group is buying and holding for section 8 rental income so for us it makes sense to have several LLC’s. Our goal is to have 70-140 SFR for section 8 rental.