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Reply with quote | #1 |
I have multiple investment properties in multiple states. I currently hold these properties in a Living Trust, I am looking to more the title in to individual LLC's for liability reasons. How do I transfer the title without alarming the mortgage comapany of a change of ownership ? in which case they can call the loan due ? Should I hold each LLC in the state that they are located ? (Texas, Kansas, Ohio,) Is it dfficult to refinance if the property is held by an LLC ? Regards Steve |
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Reply with quote | #2 |
Steve, the easiest thing to do is to set up an LLC in each state where you own property and deed the property to the LLC. Your living trust can be the member of each LLC. If any of your properties are particularly valuable you will want to consider it being owned by a Wyoming LLC qualified to do business in the State where the property is located or you could have a Wyoming LLC be the member of each individual state LLC and your living trust the member of the Wyoming LLC. So long as you continue to be current on your mortgage payments the mortgage company would not be alerted that you transferred the property to an LLC. It is not difficult to refinance should you need to, a good resource is llcloan.com. |
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