Bank said NO to putting house in LLC name

[Brian Louderback]

My wife and I formed an LLC to use for our new rental business. We just purchased our first rental a couple months ago and are just about done with all the renovations. So I called up the bank to see about doing a quit claim deed to put the house in the LLC's name and they said that we are not allowed to do that.

So now what? What is the purpose of my LLC now? I want the liability protection and the ability for tax write offs. Also we plan on purchasing more rental properties but this makes me feel uneasy about it all now...

[Kyle Smith]

You weren't supposed to ask for permission ; )