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Updated over 6 years ago on . Most recent reply

Jake Walroth's profile image
Jake Walroth's profile image
Jake Walroth
  • Investor
  • from Cincinnati, OH
  • Member since Dec 14, 2016
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Jake Walroth's profile image
Jake Walroth's profile image
Jake Walroth
  • Investor
  • from Cincinnati, OH
  • Member since Dec 14, 2016
Connect
Jake Walroth
  • Investor
  • Cincinnati, OH
157
Votes |
208
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Tax, SDIRAs & Cost Segregation

Notifying banks before transferring property from name to LLC

Jake Walroth
  • Investor
  • Cincinnati, OH
Posted

So I'm transferring 6 properties into LLCs simultaneously... a lawyer friend said, "to avoid any potential due-on-sale clause BS... you can actually contact each lender and notify/sign something saying I'm responsible for ABC LLC, and usually they're ok with it.

Has anyone done this/been successful doing this? 

Cheers, 

Jake 

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Jake Walroth's profile image
Jake Walroth's profile image
Jake Walroth
  • Investor
  • from Cincinnati, OH
  • Member since Dec 14, 2016
Connect

User Stats

208
Posts
157
Votes
Jake Walroth's profile image
Jake Walroth's profile image
Jake Walroth
  • Investor
  • from Cincinnati, OH
  • Member since Dec 14, 2016
Connect
Jake Walroth
  • Investor
  • Cincinnati, OH
157
Votes |
208
Posts
Jake Walroth
  • Investor
  • Cincinnati, OH
Replied

just thought I’d respond, Wells Fargo has a form I can sign, Chase says it doesn’t matter as long as mortgage payments are made, and Amerihome has a form to sign as well. 

Jake 

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