All Forum Posts by: John G.

Got it. @Bryan O.

Thanks @Bryan O.. But if I formed the LLC FIRST, how does it qualify for financing, if it's sole reason for existing is to own the property it's trying for financing in the first place? Doesn't a business (in this case, the LLC), need to show financial for the past 3 years to qualify?

All, just read a great article on "TheMoneyCommando" about Umbrella Policy vs LLCs:

http://www.themoneycommando.com/umbrella-policy-vs...

Makes good points for both and proved some scenarios. Leaning toward an umbrella policy after reading.

Aren't we all trying to beat the system in one way or another?

Hi @Jill F. And no one has scared you (your attorney specifially) into the idea of an LLC because of the possibility of being sued and all you assets put at risk? Including your primary residence, savings accounts and other investment properties?

Why do you need an LLC for manage PM? Never heard that one before.

@Addam Driver Was your BB&T financing a portfolio loan?

My lender is saying that's probably why they're okay with the deed transfer. My loan officer ad Chemical Banks sayd that loans sold to Fannie or Freddie are the ones that have the due-on-sale clause.

Ha. I don't know man. My attorney says the same. I guess most people's do. Still figuring it out...

Assuming that the mortgage and deed have to be in the same name?

Just spoke to a loan officer at Citibank. She said I could do this as the loan would be in my name, but the property would be in the LLC. Seems logical, but I have a feeling it's not that simple. She also had no idea what a "due-on-sale" clause was. Is this simply a bank to bank thing or is she uninformed/inexperienced?

@Cody L. By "time to correct", do you mean I can deed it back into my personal name and all could be forgiven?