Mortgages, LLC and liability

[Steven Bays]

I have been wrestling with the understanding of how these topics are interconnected.

I always thought I needed to put houses in llc but that may trigger a the due on sale clause. Also when I refinance or attempt to get a mortgage, it will all be based on my personal record or can I get one through the company?

My questions specifically are: should i necessarily worry about starting an llc so soon or just have good liability with an umbrella policy? At what point did you all feel you needed to start an llc.

When getting a mortgage, I know the limit is 10, should I just focus on my personal 10 first, with their credit checks, or using a commercial lender through an llc.

Thanks, would love to get these demons out of my head on this.

[Paul Higbie]

Steven,

Work with a lender that will lend to an LLC and avoid worrying about the due on sale clause and does not base the loan on your personal credit or financial status. Having good insurance is always good advise.

Paul.