My credit union has offered me a great interest rate for a secondary home. However, they stated that the bank will not allow me to put the property in an LLC, after the purchase. If I can purchase this property with a great interest rate, can I refinance, after a year, with a major bank, and place that property under a LLC? Also, any recommendation for major banks. I’m located in North Carolina.

@James Evans this is a common issue with 1-4 unit properties. Pretty much no bank will lend to an LLC, so you are stuck holding the property in your personal name. Your attorney will tell you that you should put it in an LLC, but then will tell you that you risk triggering the "due on sales" clause.

I ended up holding my 4 unit in Lyons in my personal name for this reason. It just wasn't worth the hassle/risks to do a quit claim deed to an LLC. In addition, LLC's are for asset protection and most people buying these types of properties really have very few assets to protect...

Thank you for this information!

@James Evans... I agree with @John Warren...once I get past 4..I'll go the LLC route after that. I wish you well.