Switch home to LLC with loan
I have a rental that I purchased in 2007 and it is still at the bottom of the Marianas Trench. I see fish when looking out of the windows. The property is in my name, and I need to move it to an LLC for liability. I was going to use a quit claim, but I'm concerned that it could trigger a due on sale. I understand with interest rates so low, the chance is small presently. But I have a very low rate, and if (when) interest rates go up, the banks will start sniffing around for wraps, and other transfers to force refinances and increase their bottom lines. Any ideas? Or just have good insurance.
Most Popular Reply
Get a good insurance policy and forget all about the Guru talk about an LLC for asset protection. Forget about the equity stripping that also is Guru talk that will land you in hot water if file false or misleading documents.
Joe Gore