Transfer Rental to LLC or Trust / LLC Funds

[Tino Vargas]

Hi BP Family,

I currently own 5 units (2 properties) in my personal name. The duplex was bought with an FHA loan and 3 unit was conventional financing.

I started an LLC to begin transferring them to the LLC but my banks aren't allowing that. I've heard transferring them to a trust. Has anyone had any experience doing this? I currently have mortgages with US bank and M&T bank.

My second question, if I am unable to transfer the properties to the LLC, am I able to collect the rents in a business bank account so I can begin building business history and credit and pay bills from this account? I do not need these funds and only plan to reinvest the funds in the future.

appreciate all of the help and insight ahead of time, thanks!

[Anthony Bowe]

Following to see what others have to say as I am in a similar situation except I am using owner financing which makes it a bit different.

However I also opened up business accounts/cards and am currently using them to help build business creditworthiness with the bank to facilitate future deals.