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Tino Vargas
  • Rental Property Investor
  • Akron, OH
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Transfer Rental to LLC or Trust / LLC Funds

Tino Vargas
  • Rental Property Investor
  • Akron, OH
Posted Oct 20 2020, 13:10

Hi BP Family,

I currently own 5 units (2 properties) in my personal name. The duplex was bought with an FHA loan and 3 unit was conventional financing.

I started an LLC to begin transferring them to the LLC but my banks aren't allowing that. I've heard transferring them to a trust. Has anyone had any experience doing this? I currently have mortgages with US bank and M&T bank.

My second question, if I am unable to transfer the properties to the LLC, am I able to collect the rents in a business bank account so I can begin building business history and credit and pay bills from this account? I do not need these funds and only plan to reinvest the funds in the future.

appreciate all of the help and insight ahead of time, thanks!

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