Updated almost 12 years ago on . Most recent reply
Question about mortgages and LLCs
Hey guys,
I've been researching for a while the advantages of LLCs. In fact some Kiyosaki books pretty much imply that if you're a REI and you're not an LLC entity (ideally in WYOMING or any other LLC friendly state) then you're playing with fire.
So I am lost here as I am trying to start and I cannot find one mortgage lender willing to lend me with an LLC (and I am definitely not investing 100% cash). Can I get the loan and then convert to LLC or would they force me to refinance? anyone can shed more light on this topic?
Thanks
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#3 Guru, Book, & Course Reviews Contributor
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I held properties before LLCs were ever though of!
Yes, you could get a loan and transfer it and ye it is possible they will make you refinance it.
This subject has been extensively covered, might do a little searching.
You'll find that instead of the LLC BS, good management is the first line of defense, then insurance, if you master these two aspects chances of getting sued will be very slim and in the event you are, you can laugh it off and go to sleep that night.
You open an LLC for business reasons not as an asset protection ploy as it is a very poor method. Good luck :)