Mortgage and LLC

[Andrew P.]

Hi I'm trying to buy rental properties for 80, 90k. Wells Fargo is telling us they can not give loans with the title being in the LLC, it has to be an individual loan. They only do LLC title loans for above 400k. Is this true? Does everyone get an individual loan then transfer the title after closing?

[Charlie Fitzgerald]

The best advice I can give you all is to seek the counsel of a good RE Attorney in your area as well as your tax professional (CPA...not H & R Block.) This is a multi-dimensional issue with lot's of layers, and there is no cookie-cutter way to do this. A lot will depend on individual circumstances. In some respects, LLC ownership may be a benefit, at the same time it is not a benefit for other reasons. Competent legal and tax professional counsel is required in this area.