Pros and Cons of holding property on an LLC vs personal name
We currently have 5 properties with 9 doors. Three of them have mortgages that are in my name. We have lines of credit on 3 of the 5 and I'm trying to find someone to give us lines on the other 2. We also have been trying to find a lender who will refinance the 3 notes into our LLC and at the same time give us a substantial Business Line of Credit collateralized by our properties for something in the neighborhood of $500k. Between COVID and the way the rates and home values are right now I can't seem to find anyone to do either. As I continue to look I was wondering what others are doing. Are you holding your properties in your personal name or in an LLC? What are the legal and tax pros and cons? Our LLC is a 2 person partnership, not a sole owner.
Thanks in advance for your thoughts
Jim