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Updated over 6 years ago on . Most recent reply

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Paul Smith
  • Investor
  • Portland, ME
0
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4
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Banking for properties in and out of LLC?

Paul Smith
  • Investor
  • Portland, ME
Posted

Have 6 rental properties. 4 in Washington State / 2 in Georgia. 2 Washington State Properties free and clear (no financing). Created an LLC in Washington State for those properties. When I called the mortgage company, they said the other properties cannot be moved to an LLC (they were not originally financed under an LLC).

I have separate personal checking account for these. For the properties under the LLC I have a separate business banking account (EIN, etc).

Questions:

1. Should I (or can I) use the business bank account for the properties not under the LLC?

2. Has anyone else had this issue of not being able to put property under the LLC? What do you do?

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