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Updated almost 6 years ago, 12/18/2018

User Stats

29
Posts
30
Votes
Jeremy Janszen
  • Chagrin Falls, OH
30
Votes |
29
Posts

Bank wants SFH to stay out of LLC

Jeremy Janszen
  • Chagrin Falls, OH
Posted

I've purchased 4 SFHs over the past couple years, each with a conventional 30yr fixed mortgage, and put each one into its own LLC and run all income and expenses through that LLC. Purchasing my 5th and the bank says, basically, "Hey, stop it." I know, technically, it's a violation of the loan agreement, but I also know that a lot of people do it anyways - for obvious reasons. My question is, if I leave the house (and future houses) out of an LLC, how do I set up the unique business entity? Do I need to lease the house from me to the LLC? What do other do? Thanks for the guidance.

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