What does it mean if I am the LLC owner
" own the mortgage under personal name and the property deed under LLC"?? How will the bank agree to use the personal mortgage on the LLC property?
I want to own a LLC and have rental properties under LLC. But there is so much different opinions on how to achieve this and how to get commercial load and insurance on the LLC owned properties.. Can someone guide with latest information?
For traditional lenders, you can take the mortgage in your personal name, then quitclaim to LLC. This could escalate the due on sale clause and, though I have never seen it happen. Some lenders may allow you to take a loan in an LLC with a personal guarantee.
As far as LLC, you are not legally the owner, you would be controlling member or manager.
@Sofia Raj talk to your banker or lender how they want it done, they are the ones that will really matter. Insurance shouldn't matter just name yourself as additional insured to the policy and should be fine. No legal or accounting advice.
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