With the recent rates falling back, I'm interested in refinancing several properties. With that said, these properties are currently in my name or set of individual owners. I'm interested in using these refi's as an opportunity to transfer the title to an LLC or LLC's.
Is this possible?
If so, how would this be done? Who do I need at the table in order to realign the titles? Would the refinance be in the name of the individual or LLC?
If a re-title to an LLC is possible. Is it best to have an LLC for each individual property or all under one LLC?
Thanks in advance!
Yes it's possible, you just need to create you LLC before you close on the house. You give the title company your LLC paperwork, such and your EIN numer which is issued to you. Your EIN number is basically your Federal Tax ID number.
I'd then try and open a bank account with your LLC's name as well. Now NOT all banks are the same. Some banks will allow you to do this with just an EIN number. I would suggest these. Others will require more which is ridiculous, but it also depends in what state you filed your LLC in, some choose NV others choose Delaware, or their current state they reside in.
LLCs get commercial loans. So the rate and terms would actually worsen if you closed the refinance in an LLC.