LLC/Land Trust/Start Up Questions
Hello BP-
Newbie here that recently purchased my first investment property. I thought I was on my way and had everything figured out until I came across this website. As Ive read through previous discussions, while the information is great, unfortunately I am now more confused than ever.
A few questions I was hoping to get answered so I can be steered in the right direction.
I created an LLC for my investment condo, and planned on transferring the deed from my name to the LLC but now am worried after reading the bank has the option to call on the loan.
1. From my understanding if I transfer the deed to my LLC they have the option to ask for full payment of my loan, which I don't have at this time. Is that accurate? If so how often does that happen?
2. On a previous discussion I read deeding the property to my LLC would void my title insurance. If this is accurate, if I put the property in a land trust and make my LLC the beneficiary, would that still void the title insurance? Also, is there a way to see if there are any potential claims against the property where the title insurance would be needed?
3. I will be looking to purchase my second property later this year. If I go the route of putting it in an LLC, can I use the same banking account I will use for my first property....or does the second property need a second bank account since its under a different LLC?
Sorry for the long post but I just want to make sure I am making the correct decisions.
Thanks in advance for any advise you may provide.
*Also, if anyone has a recommendation for an attorney in Northern Virginia that works with investors, please pass on their contact information.
Thanks again!
Anthony