Experience With Creating an LLC.

[Andrew Kessler]

My wife and I just purchased our first duplex in early Feb 21' that we are rehabbing and house hacking in. We purchased this property utilizing an FHA loan with 3.5% down at a 2.6% interest rate. I always had the intention of creating an LLC. immediately to protect our personal assets in case of a lawsuit. Our mortgage broker informed us that if we attempt to transfer our loan into an LLC. that it would automatically default on the loan unless we paid the balance in full. We have a large umbrella policy on our insurance, but we want to take all of the correct steps to insure that we are protected. We live in the Akron, Ohio. Our goals revolve around purchasing multi family homes (2-4 units) in the near future as we begin our time real estate investing. We are meeting with an attorney to discuss options this evening, but I wanted to reach out and see if anyone else has ever been in a similar situation. If anyone has any experiences with this situation or guidance it would be great to hear from you.

Thanks!