Updated about 12 years ago on . Most recent reply
To create an LLC or no
Pretty simple situation for most but first time for me. I'm moving in the spring would like to rent out my current home. Initially thought I would set up an LLC but keep reading about banks being able to call on the loans. But, seems like that rarely, if ever, happens. If it will be my only property (at least for now), do I even need an LLC? Would an umbrella policy be sufficient? I've read about the land trusts as well, so it sounds like that might be an option. My current loan is with Chase. I'm also concerned when I close on my next home, it will get sold to Chase, which is how my current loan ended up with them. If that did happen, would it trigger red flags? I'm current networking around town to find a good attorney and CPA I can trust, but keep stumbling on this website and thought I would give it a shot. Thanks in advance.