My wife and I purchased a duplex in Missouri in March of 2020. A good friend of mine suggested we rent out the other side. We set up an LLC and did. We moved to NC in mid 2021 and the property became a full investment property for us. My friend keeps telling me to put the property under the LLC name which sounds smart but I don't want to get in trouble since we purchased the property with an FHA loan. Is this possible? If so what steps would I have to take with our titling company?
Real Estate Agent · Beach Park, IL · Member since 2021 · 69 posts · 38 votes
4y
So if the FHA finds out you do not have the property in your ownership anymore, they can escalate the terms. That's my basic understanding anyway. You definitely want to get your lenders input, and probably a local lawyer too.