LLC for rental property

[Anonymous]

LLC usually has to get a commercial real estate loan, not a principal residence home loan.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I just called my lender and they will not allow our mortgage to be transferred to the LLC. It is US Bank and it is a company policy. We want to turn our existing property into a rental and now is a good time to refinance. If anyone knows any banks where an LLC ownership is allowed please let me know.

Unless you bought the property two months ago, now is a terrible time to refinance. Please don’t do it just for this reason. It also makes title and homeowners insurance harder as well.
- Landlord

I hope they did refinance. That post was from 2016.

Argh, thanks for pointing that out. So annoying.

[Anonymous]

Anonymous wrote:Just get an umbrella liability policy for $1M at least.

This^.