Mark Kohler explains that an LLC doesn't protect your actual real estate asset. It protects you from lawsuits and debts tied to the rental activity, but creditors can still go after the property itself.
Now, that's important. You understand one thing, though. The LLC does not protect the assets in the llc. A lot of people set up an LLC with the rental and they think, oh, I set up an LLC to protect my rental property. No, not what an LLC does. It protects you from your rental property liabilities. All right? That's what the LLC is protecting.
Now that I'm going to put that on the myth column too. The basics are we have this corporate veil. Okay, that's kind of what Matt just explained. We have this corporate veil that protects you, the owner. But the myth is that I'm protecting the asset. You're really not protecting the asset. You're protecting the
owner.
And that's a. Seems like a fine distinction or whatever, but it's an important one. You're mincing words. Yeah, I am. It's called the law. So.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
Moving Property to an LLC: What They Don't Tell You #realestate #investing #tips
