LLC For First Property
I am in the process of buying my first investment property, an owner occupied duplex. I have applied for the mortgage in my name. Now I am wondering, how do I add the layer of protection of an LLC? What I want to do is limit my personal liability. Does the mortgage have to be in the name of the LLC? Once the deal goes through can I transfer it to an LLC? Thanks in advance
Comments(0)
After you close escrow, form a LLC then transfer your property to it using a quitclaim deed. Most lenders wont allow a LLC to finance a property.