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Updated over 8 years ago on . Most recent reply presented by

User Stats

39
Posts
9
Votes
Libby Tucker
  • New York, NY
9
Votes |
39
Posts

Transferring to an LLC from a mortgage with due on sale clause

Libby Tucker
  • New York, NY
Posted

I just closed on a property in NYC, under my personal name. I want to move it into an LLC. After reading the forums, I asked my attorney if there was a due on sale clause, to which he said yes. But that there may be ways around it.

I will have multiple tenants and running my home as a legal business, but especially because of the higher turnover, I want to be prepared by creating an LLC to protect my business, and to employ some part-time help with the management of the property on-site. I also have 2 other properties that I own and as I grow my portfolio, I'd like to ensure I keep them separated as much as possible.

Thank you! 

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