Investing 102

[Flash68]

Originally Posted by im4u2nvss

This is great info for someone trying to get into that kind of investment property. In my case, I already live in my future rental(will buy property and build in future). Mainly wondering if I would need to change my loan to convert to LLC or if it is a simple title change? Thanks again for all the information.

On one of my properties I was unable to set up the LLC in time (my original name was rejected by the SOS for being too similar to an existing LLC) before taking possession and had to deed the property twice. My lender did not have an issue with it (not sure what I had to do - but it was not a headache). But I would check with your bank/lender on it for sure.

[ErikLS2]

Every time I had to get an investment property loan the lenders wanted me to personally be liable for the loan in addition to the LLC. This doesn't affect the legal protection offered by having the LLC.

Also, we haven't talked about trusts here much but if you think you'll have compiled any significant amount of assets by the time you die you really should have one that fits your own personal situation. The trust will have just you as Trustee if you're single or you and your spouse (typically) if married but is it's own single entity and will be the sole member of the LLC