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Updated over 4 years ago on . Most recent reply

User Stats

28
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0
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Darrick Lowe
  • Brooklyn, Ny
0
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28
Posts

How to create an LLC

Darrick Lowe
  • Brooklyn, Ny
Posted

I plan on moving, and would like to rent my current home. I was thinking about transferring title to an LLC (New York), but not sure how to go about this as I have never done this before. I understand that doing this could protect my personal assets. I tried contacting my mortgage company, but due to Covid, they have been completely unresponsive. They literally told me to write an email to customer service and 'submit the request'. Do I need to talk to them in person, or do I call a title company? Not quite sure where to start. In addition, what kind of paperwork/headache and fees are involved? Will my mortgage interest rate change?

Along the same lines, if I was to buy another property in the future, is it advantageous to tell the mortgage broker that the property will be used as a rental property and create an LLC before closing? Or is this something that should be done after renting out the property like above?

Thanks in advance!

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