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

[Libby Tucker]

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!