If you have one rental should you put it under the name of a business? When do you typically want to separate your properties from your personal stuff?
@Kyle Johnson Yes, put your rental properties under a business. Your rental investments are for business, so you will want to keep it that way. This will protect you in case things go south. You should have all investment properties bought under your LLC.
what if the rental has a loan attached to it? I’m refinancing the mortgage and the loan is in my name.
@Kyle Johnson Transferring the loan from your name is not a problem at all. Find a local bank in your area, as they are more likely to switch the loan from your name to your LLC. You will want to setup a bank account that goes with your LLC. That way when you need to make payments on your investment house, all you do is transfer money from your personal bank account, to your business bank account, which will then pay for the mortgage.
Thank you! I thought it would be more complicated than that.