Updated almost 10 years ago on .
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Quit Claim Question
I've tried searching for an answer to this, but couldn't find anything.
I just finalized all of my paperwork and whatnot for my LLC. Long story short, my first rental property is now the first series under my LLC.
Here is my question; Now that my first property has been quit claimed, who technically has their name on the mortgage? Is it still my name? ...or is it now owned by the LLC. I'm on the hunt for a few more properties, but if my current rental isn't in my name... then I could pick up a little extra buying power, right?
Forgive my lack of knowledge. I've had this rental for 4 years now and it has always cash flowed like a champ, but I've always done things somewhat informally (probably not the smartest plan). I was recently convince by my dad that I should start a series LLC and give real estate investing a real shot.
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The mortgage document is a separate contract with a third party; namely your mortgage lender. If the mortgage lender did not agree to refinance or change the mortgage document, you are still personally liable. Consult a local attorney.