Updated over 4 years ago on . Most recent reply
How to purchase properties under an LLC
Hi all!
My wife and I just got our first rental property under contract and we are looking to close soon on it. We've been reading about the benefits of having an LLC and holding the properties under it. In talking with my lender, he cautions against doing this as there is a risk the loan could be called due. Our mentors (based in Canada, we are in the US) seem to think this should not be an issue. From what we have heard from BP podcasts and other sources, this is possible to do.
Our question is: How do we do this without causing the loan to be called?
Can we just have the Title done under the LLC and we be the guarantors of the loan?
I'd appreciate any insights on this. Thanks.