Putting Properties In LLC
I originally formed an LLC to buy properties under, but when going for a mortgage the companies will not let us do this. Can we sell the properties now to the LLC for consideration for $1 without raising any red flags? What about refinancing when the time comes?
I know the mortgage co's can call the loan due but I would like to get these out of our personal names.Any suggestions would be appreciated.
I deed my properties to my LLC after the closing date. This puts them in my LLC immediately, but the mortgage stays in my personal name because of the benefit of lower interest rates...
Good Luck!
[addsig]
The easiest way is to quit claim it over to your LLC, its very simple to do.
Good Luck,
Robert
Once you have deeded your property into the LLC, I would have the insurance name the LLC as the insured and name you individually as an additional insured since you have an insurable interest as the sole member of the LLC.
[addsig]