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Updated over 7 years ago on . Most recent reply presented by

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David Morgan
  • Rental Property Investor
  • Knoxville, TN
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How to protect paid off asset?

David Morgan
  • Rental Property Investor
  • Knoxville, TN
Posted
If I move a rental property in my name with no debt into a single member llc, what's the best way to keep the llc poor, put a mortgage on it through a separate single member llc? If that's the case, and I later decide I want to get cash-out financing, how would that work? Any advice?

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Carl Fischer
  • Rental Property Investor
  • Ambler, PA
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Carl Fischer
  • Rental Property Investor
  • Ambler, PA
Replied

@David Morgan

Wether in your name or an LLC insurance is a good first defense. If you have a "ghost"mortgage on the property and want to refinance you will need to satisfy the ghost mortgage before or at closing most likely. You could possibly get a second or subordinate the first to the new lender dependent on LTV and how much $$ you wanted. Consider getting a line of credit to begin with.

  • Carl Fischer
  • [email protected]
  • 215-283-2868
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