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Tax, SDIRAs & Cost Segregation

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Sam U.
  • Knoxville, TN
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Tennessee LLC lawyer question

Sam U.
  • Knoxville, TN
Posted Nov 15 2019, 08:16

I have read through different forums and not found someone with a similar question so I thought I would post.

I bought a triplex in Knoxville, TN under my name and have been rehabbing it. I've been house hacking it while repairing the house and have increased rents 30% after updates. I'm planning to move out of the property and into another house soon. I'd like to move the ownership of the property to an LLC but the mortgage company, Flagstar bank says they only allow transfers to trusts. I have had friends that have said that I can just transfer it and call the mortgage company but I read horror stories about the mortgage company calling the mortgage fully due. How should I proceed to transfer my mortgage to an LLC? Is refinancing the only option? I only bought the property 10 months ago so I am unsure of the financial benefit for doing that. Thanks for your help!

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