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Seller financing my current personal owned to my LLC and PROTECT myself w/ insurance?
Hello all,
I am looking to move the family to a better home for us. I am considering keeping my current personally owned home/farm and renting it as horse owner property. already completely set for 2-4 horses. my personal interest rate on the property is 2.6% and I don't want to loose it. Can I personally seller finance to a new LLC I start, rent it out with proper insurance through the LLC, and also protect my personal assists if something happens with the renters?
I would not worry so much about the LLC if I were you. Just make sure you have the proper insurances.
Best of luck John!
@John Sokolofsky Agree with the above post - good insurance is the key. The personal mortgage will still be in your name regardless of any seller financing to an LLC or title change to an LLC.
Talk to a lawyer for this either way. I personally would put the property into an LLC as part of an overall plan to protect my liability. This would be especially true with a property that has a farm and horses.