New York, NY · Member since 2015 · 39 posts · 9 votes
I just closed on a property in NYC, under my personal name. I want to move it into an LLC. After reading the forums, I asked my attorney if there was a due on sale clause, to which he said yes. But that there may be ways around it.
I will have multiple tenants and running my home as a legal business, but especially because of the higher turnover, I want to be prepared by creating an LLC to protect my business, and to employ some part-time help with the management of the property on-site. I also have 2 other properties that I own and as I grow my portfolio, I'd like to ensure I keep them separated as much as possible.
@Libby Tucker you should contact the bank holding the mortgage and tell them what you want to do, i.e. transferring the property to the LLC. Get an agreement with them that they won't call the note by changing the name on the deed and you should be fine.