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Tax, SDIRAs & Cost Segregation

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Niall O'Malley
  • Real Estate Investor
  • Oak Lawn, IL
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11
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LLC will own the property - what kind of mortgage do I get?

Niall O'Malley
  • Real Estate Investor
  • Oak Lawn, IL
Posted Aug 3 2008, 10:48

I have a rental property that I paid cash to purchase and rehab and now have tenants in the property. I want to refinance out and get a 1st mortgage on the property. I also want to put the property in the name of an LLC to protect my personal assets from any liability. Do I get the mortgage in my name personally and then form the LLC? And if I do that, by changing the ownership of the house, aren't I in default of the loan? Just trying to figure out how to do this right, any help would be greatly appreciated...

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