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Message
re: Real Estate Investing......... New update pg 7
Posted on 8/22/16 at 12:22 pm to jdutto3
Posted on 8/22/16 at 12:22 pm to jdutto3
quote:
and have seen liability cases from accidents at property almost bankrupt individuals.
and as discussed earlier you can get a commercial liability umbrella policy. Or do both. Nobody i know who has this has been screwed over by bad tenants and lost their arse.
quote:
I have never had a problem getting a loan for an LLC.
and yet again, the issue at hand we have discussed here is lenders that i have seen and known will not originate NOO residential loans to LLC's in my experience. only will they originate commercial loans to LLC's which you can then use for residential. Not all lenders do commercial loans to be used on residential NOO properties. You have to search.
quote:
And transferring a property under a personal loan to an llc also shouldn't be a problem
well sadly it is. I've known many investors who once have transferred title the bank has activated the DUE ON SALE CLAUSE!
quote:
Perhaps you need to alert the bank of the transfer but they will have no problem if you are transferring to shield personal liability.
Absolute BS. Plenty have had trouble with it. see above.
Posted on 8/22/16 at 12:27 pm to Fat Bastard
Who are some of the banks you guys are working with for your commercial loans? Maybe I should start another thread on this?
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