All Forum Posts by: Stephen S.

Thank you guys for the helpful insight! It's a lot to think about as a first time investor for sure..

Thank you! I thought that might be the case and the bank eluded to not likely to do anything about it, but I just wasn't sure. I have also read that a lot of people take the LLC route because it is "the thing to do" but not necessarily the best option vs. an additional umbrella policy. I am new to this and trying to weight the options. I appreciate the response!

First time investing in property and have a few questions - Buying townhouse in North Carolina with intention to rent out. My bank does not give mortgage loans through LLC, so rather than getting another bank to do commercial loan I wanted to get it as a personal mortgage loan and then transfer the deed after purchase to LLC. The bank in so many words said that as long as mortgage is paid on time they are not likely to raise any issues. Is this an optimal route?

- I do plan on investing in more than one down the road

- Is it worth doing the LLC part yet rather than adding an additional umbrella policy and leaving it as personal mortgage?

- If I do switch the deed to LLC, are there fees and do I need to refinance?

Thank you!