THE MORTGAGE IN MY NAME VERSES THE LLC
Please help me with advantages/Dis., pros/cons on buying my first triplex (150K if it matters) and putting the mortgage in my name compared to the LLC. I have been told the loan costs are a lot less and then I can do a quit claim deed to the LLC.
ty
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Stephanie P.
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Stephanie P.
#5 Mortgage Brokers & Lenders Contributor
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If you're really good about not co-mingling funds and can treat your business like it's a business, an LLC really is a good idea. The money is a little more expensive because you can't borrow with the backing of Fannie Mae and Freddie Mac, but your personal assets are safe.
Some folks just get a large (like 2 Million +) umbrella liability policy and are happy.
Stephanie