LLC,transfering title, due on sale clause,+ making it all legit
Hi guys,
I have a question for you...Ive been trying to transfer my 2 houses into 2 LLCs but really worried about due on sale clause. (If the bank finds out I transferred a house into an LLC the bank can make me pay all the mortgage balance within short period of time)
Couple of questions:
1) have you guys transferred your properties into LLC in the past while having mortgage not paid? Have you had any problems with your bank (lien holder)?
2) Did you have a title company do the transfer? Or how did you transfer? An attorney quoted me to do the transfer for 1K per house...
3) Do you have a business account for your LLC?
4) How do you collect your rent? Renters deposit it into your business account that holds your LLC?
5) Do you do any yearly meetings for your LLC or anything like that?
6) Do you have a trust holding your LLC or LLC holding trust? Or what is your structure?
Thank you guys in advance for sharing