All Forum Posts by: Patrick I.

@Tim Swierczek Thank you for your clear explanation to each of the questions I had. Could you share the names of the banks/lenders that allow transfer under LLC? If house hacking is not an option with them, I can review and adapt my strategy. Thanks a bunch

@John Woodrich I am going with a conventional loan John

@Michael Masters Let us know what you find out please. Thanks

@John Woodrich Thank you John. Do you know of small banks in Minnesota that would allow transfer under LLC? Thanks

@Greg Scott Thank you

@Greg Scott Thank you for your input. I really appreciate. At the end of the year, have you given rental m1pr forms to your tenants? If yes, how do you do and how does it work? My current landlord has a LLC and he provides the m1pr form with his LLC information. If I don't have a LLC and needs to provide the form to the tenant, how will I go about it? Thanks

@Nicole A. Thank you for your explanation. I am in the similar situation and was not sure what to do after lenders disclosed that loan will be due on transfer. So i will forgo the LLC for now. However I was wondering, how would you get your tenant the rental m1pr form at the end of the year? My landlord has a LLC and I use the LLC information when filing taxes. Thanks

Hi everyone. I am fairly new to the forum and have been doing a lot of reading to prepare myself for my first deal. I met with a mortgage originator at one of the large bank in Minnesota today who told me that a transfer of a property under a LLC would trigger the due at sale/transfer clause. From what I understand, it is recommended to have the investment property under the LLC for protection purpose. For my first deal, I am looking at a duplex or four plex for house hacking to get my feet wet. These are my questions:

1. Is there a bank or lender in MN that allows property transfer under LLC?

2. Is a LLC even necessary?

3. If transfer under the LLC of the property is not an option, how do you protect yourself against a litigation? Is an umbrella insurance enough?

4. At the end of the year, are you providing the rental m1pr form to the renters? How would you go by doing so without a structure such as a LLC?

Thanks

@Lynn M. Can you share how you did it? I am facing the same issue and not sure how to go about it. Lender will not allow transfer to LLC