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Updated 25 days ago on . Most recent reply

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Bill Sahlinger
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Seeking Advice: Changing Title for Private Loan

Bill Sahlinger
Posted

Hello,

I am a rookie investor with 1 rental property new to BiggerPockets. My property has a traditional mortgage currently, but I am taking out a private interest-only loan soon that improves my cash flow significantly. I am seeking advice for how to best pay off the current mortgage and clear title of that mortgage lien, create the deed of trust, add the private loan secured to the title, etc. Should I use a title/escrow company to complete the whole process or can I do some of this myself to save money?
Additionally, I think I should move the property from my personal name into an LLC - wondering when to complete this step of the process? I worry about tax implications and a due on sale triggering from current mortgage vendor.

Any advice is greatly appreciated!

-Bill

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