LLC's or Trusts?

[Brandon Elliott-Pandey]

Okay...

Finally making the plunge and putting my old primary into a LLC or Trust. Curious about what you all think for pros and cons? I am getting very conflicting information online and am actively seeking a Real Estate Attorney to tell me more accurate information but still would love to hear outside opinions and thoughts.

The property in question is SFR 4bd 2.5ba. My wife and I plan on buying another property at the end of this year and will probably move that property into the LLC or Trust as well.

[Doug Smith]

I wouldn't seek legal advice like this on here. A mentor once told me "pay your attorneys and the IRS." He was right. That being said, if you do plan on financing the property, I would talk to an experience, knowledgable lender. Lenders won't lend on properties owned by some types of trusts. Also, do you own anything on the subject property? You'll want to have you or your attorney broach the subject with that lender. The transfer of title could trigger negative covenants in the loan (eg: Due on Sale Clause). You wouldn't want that to happen. Good luck to you.