To LLC or not to benefit from better mortgage terms
As many of you are aware, if you own a building in your own name, 1-4 units, you can often get great "FNMA type" financing where you get a decent interest rate, lower DP, and literally locked in with no rate changes for 30 years. I've never been able to get these because our buildings are owned by our LLC.
We own 8 buildings, are semi high net worth so we have alot to lose. I want to be careful. that being said...
Have any of you encountered this and made the decision to take a building out of your LLC to qualify for this better financing? I'm tempted but my lawyer says no, but he makes it clear that's his job, to protect me. He's gone so far as to say he might do it himself if he were in my situation. The issue of course is that you don't have the protection of the LLC if something goes wrong with that particular building. And we do NOT do our own work so this protection is actually relevant. Just not sure, love to hear any thoughts, any ramblings even!
Thank you all!