Updated over 3 years ago on . Most recent reply
House Hack into an LLC
Hello! I purchased a home about 4 years ago that I house hacked and now rent out. I want to move my mortgage into my LLC to limit my liability on the property. I was told by my mortgage provider to send the LLC Operating Agreement and the legal team would make a decision and let me know. I received the determination that FNMA (Fannie Mae) servicing guidelines do not allow for a transfer of ownership interest into an LLC. Anyone have advice on how I can do this?
Most Popular Reply
Hey Tori,
You could refinance the property and put it into an LLC. You could also quit claim deed the property into an LLC, but since you are now on the radar, I would not recommend it. To be honest, its probably not the end of the world if that property stays in your name. Just make sure you have good insurance/coverage for that property. I am sure there are many opinions on this, but thats just my 2 cents.
Good luck!