All Forum Posts by: Lisa Albright

@Lisa Albright congratulations on your first investment property! There are probably tons of posts and articles on this subject if you search for "due on sale clause". Essentially transferring the title from your personal names to the LLC can be considered a sale by the mortgage company and they can call the whole balance of the loan due. It is rare that they would find out or care, but there is a simple solution. You can ask them for permission! That's the very basics. Do a little research on this topic and best of luck to you!

Thanks Dave for the well congratulations and for the information. We will not have a mortgage on it so I'm hoping is should be an easy transfer but seems like there are always little nuances that pop up!!

I really appreciate your feedback and will continue my research. Have a great day!!

0 Votes

Albany, New York

I am a newbie here, thanks everyone for amazing information.

We are buying our first STR, paying cash, our LLC is in the process of being formed but will take another 6 weeks our Attorney told us.

Is there any issues that we should be aware of in this transfer in terms of liability, hidden costs, title concerns. Thank you in advance for any help you can offer.

1 Vote

Albany, New York

Quote from @Nick Rutkowski:

@Glenn Vasaturo

No experience in Greene County but I run Airbnbs in Tompkins and Cortland County. I make a killing because the houses are located in downtown areas. Whats the motivation for traveling to Greene County? Work, vacation, family?

Hi Glenn, we are in upstate NY and just looking into purchasing our first Airbnb/STR. Are your Airbnb's in LLC's We are having trouble figuring the best way to approach this. There are many opinions on this forum, all great, but you being in NY would love your feedback! Thanks for any help you can provide and glad you are making a killing!! That's awesome.

0 Votes

Hello, thanks in advance for any and all advice.

If I buy a Mulitfamily (2) and pay cash and my LLC is not approved yet, is it easy and is there a large cost associated with the process of putting the property into the LLC after the purchase goes through?

Thank you

0 Votes

Albany, New York

Will do, thank you

0 Votes

Albany, New York

Hello,

I am looking for a good tax planner/strategist in Upstate NY area. We have a rental and a sole proprietor biz. Any recommendations would greatly be appreciated. I love Bigger Pockets, so much great information.

Thanks again! Lisa

0 Votes

Albany, New York

All Forum Posts by: Lisa Albright

Lisa Albright has started 5 posts and replied 17 times.

Post: Transferring property from Owner to LLC after purchase

Post: Transferring property from Owner to LLC after purchase

Post: Transferring property from Owner to LLC after purchase

Post: Short Term Rental Upstate NY

Post: LLC not approve before my purchase

Post: Tax Strategist/Planner Albany NY area

Post: Tax Strategist/Planner Albany NY area