Looking for someone to help set up llc in colorado
Does anyone know someone who can help me put my Denver property in an llc? I have an existing mortgage and was looking to get a heloc on the property so I'd like to know how this would affect the process.
Thanks,
Curtis
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- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Setting up an LLC in Colorado is dead simple. Takes, maybe, five minutes on the secretary of state's web site:
http://www.sos.state.co.us/biz/FileDocNameAvailCri...
Creating an LLC won't change the ownership of your property. The next step would be to transfer ownership. Strictly speaking, that would violate the due on sale clause on your existing loan. Also, getting loans on a property owned by an LLC is possible, but more difficult than for a property owned in your own name. Speak with lenders before doing this and see what effect it will have on getting the HELOC. HELOCs are hard to get on investment properties to start with. Changing its ownership to an LLC is unlikely to make this easier.