Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago, 08/31/2022
My attorney says I am not allowed to make an LLC
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.