I've decided to get a property and put it under an LLC, what is process of approaching a bank to getting a loan for a property registered to an LLC
I bought my property with my personal name on it, and did a quick claim deed to change it to my LLC. This may depend on your state, but it is easier to get a loan with your personal name than a LLC. I would check with a lawyer first. You should be able to call the lawyer and ask over the phone what is the best way to approach this without paying out of pocket.
thank you for the information. what is a quick claim deed?
@Fred Shatzoff this is for rental property
My house was a rental too, I really don’t know the best way to explain a quick claim deed. Here is what we had to do:
Our lawyer sent us paperwork to fill out, that basically just wanted our information and the company (LLC) information.
Once we filled out the paperwork, we had it notarized and sent it back. (We lived in another state, which is why the paperwork was sent to us)
Then our lawyer filled it with the local county (the county where the house was located, not where we lived)
I don’t know if this helps you at all, but I know people do quick claim deeds to pass down property to family members too. It is a really easy process, and definitely worth calling a lawyer to see if it is possible where you are at. I plan on doing this with my next house too. It will also change how you file your taxes, so keep that in mind.
@Henry Oppong Yes you may be able to change title to LLC or do a quit claim deed. But be careful if you get a fannie mae loan in your name they could call the loan do. Remember you can only get so may loans under fannie mae.
@Paul Bame thank you for the information, I appreciate this