Creating an LLC for each rental
Hello All,
I am trying to purchase my first rental and I was hoping to place the rental into an LLC after I bought it. I would be buying it and then changing it over later to the LLC. I was just informed that this doesn't work or Banks don't approve it.
Does anyone have any thoughts, I'd rather not do a commercial loan, in regards to moving it over And does it actually cover me at all in an LLC in this situation.
Thanks for your assistance.
Most Popular Reply
@Rich Sutherland IMO LLC's are overrated in many situations. If it is an apartment building by all means do the LLC. For a SFR or duplex I have those in my name. My apartment building is in an LLC. Carry a big umbrella policy for liability insurance. All the best!