LLC in Conventional mortgage

[Tyler Warner]

Hey everyone , first post here. My first house (primary residence for several years) is now my first rental. It's been almost 2 years rented and has decent returns. As I approach the end of my first tenants lease and have begun purchasing more properties I have begun investigating putting the house in an LLC . My lender (conventional 30 yr) has stated that they do not allow for deed transfer to an LLC but they do for a trust. They also don't do helocs on rentals. I've considered refi but I'm at a Covid rate of around 2.9 so I can't let that go. Any recommendations on how to proceed to limit liability and increase privacy for me as owner ? I've already got an umbrella policy and require renters insurance

thanks

[Alfath Ahmed]

Quote from @Tyler Warner:

Hey everyone , first post here. My first house (primary residence for several years) is now my first rental. It's been almost 2 years rented and has decent returns. As I approach the end of my first tenants lease and have begun purchasing more properties I have begun investigating putting the house in an LLC . My lender (conventional 30 yr) has stated that they do not allow for deed transfer to an LLC but they do for a trust. They also don't do helocs on rentals. I've considered refi but I'm at a Covid rate of around 2.9 so I can't let that go. Any recommendations on how to proceed to limit liability and increase privacy for me as owner ? I've already got an umbrella policy and require renters insurance

thanks

 Some people will quitclaim the property but the lender can use the acceleration clause to call the loan. Lots of people do it though. You should buy your future properties with a dscr loan (they let you use LLCs). 

Also - even if you have an LLC, you still are personally guaranteeing the loan. Any your info is still public data even if you have a mortgage.

I can connect you with my real estate attorney here in cbus. Let me know.