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Updated over 2 years ago, 08/31/2022

User Stats

128
Posts
85
Votes
Mordy Chaimovitz
  • Investor
  • Chicago
85
Votes |
128
Posts

My attorney says I am not allowed to make an LLC

Mordy Chaimovitz
  • Investor
  • Chicago
Posted

Ok. 
I Recently closed my 1st deal on 2 SFH's with a conventional loan. I wanted to transfer the properties into an LLC but my attorney says that technically it's against the clauses in my loan to transfer the loan to a different entity and I could be in default of the loan and the bank can come and ask for the money back.

now I am under the impression that many people do this anyway and the lender won't bat an eye, but am I making a mistaken assumption?

has anyone had any bad/good experiences with this

thank you all in advance for your responses.  I look forward to reading them. 

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