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Updated over 13 years ago,
Quitclaim to LLC and its issues
Hello everyone,
I am planning to buy a couple of properties in AZ. Currently I own 2 properties in Manhattan - I live in one and rent the other. My questions are:
* Should I form a LLC for the new investments. The mortgage company I am working with said to do the following:
I will guarantee the loan in my name and then the title company can vest the property in the LLC after closing. Does this make sense?
* The other option is to quitclaim the mortgage to the LLC but I believe the mortgage company can call out my loan. That makes me nervous
* Does anyone know of banks that finance under LLC's with reasonable interest rates if I personally guarantee the loan?
Any feedback is appreciated.
Thanks