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re: Rental Properties Spinoff: Should you LLC?
Posted on 3/14/17 at 10:16 pm to PatrickBeetmen
Posted on 3/14/17 at 10:16 pm to PatrickBeetmen
I just bought my first rental and am in the process of doing this. You create the LLC and just go to a title company and get the title transferred from you to the LLC. mortgage will still be in your name.
If you have a loan on the house as I do you are not technically supposed to do this and if the lender finds out you could possibly be forced to pay the entire loan off. I am also told if the lender does find out they will likely just send you a mean letter and you can hurry back to the title office and transfer back to yourself.
This is what I know about that
If you have a loan on the house as I do you are not technically supposed to do this and if the lender finds out you could possibly be forced to pay the entire loan off. I am also told if the lender does find out they will likely just send you a mean letter and you can hurry back to the title office and transfer back to yourself.
This is what I know about that
1
Posted on 3/15/17 at 10:28 am to thatguy777
quote:
If you have a loan on the house as I do you are not technically supposed to do this and if the lender finds out you could possibly be forced to pay the entire loan off. I am also told if the lender does find out they will likely just send you a mean letter and you can hurry back to the title office and transfer back to yourself.
Or you just buy it in the name of the LLC in the first place. That way the mortgage and the title are in the LLC.
I would def recommend 1 LLC for your properties. I think having one for each property is overkill personally.
Your commercial lender at your bank should be able to help you easily convert them from your name to your LLC.
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