Anonymous
12/13/2023 20:25
Subject: LLC for rental property
Anonymous wrote:Just get an umbrella liability policy for $1M at least.
This^.
Anonymous
12/13/2023 20:25
Subject: LLC for rental property
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
12/13/2023 08:03
Subject: LLC for rental property
LLC usually has to get a commercial real estate loan, not a principal residence home loan.