Closing my first deal this month

[Mike Geier]

I'm closing my first deal this month on a four-plex.  My goal is to build a portfolio of passive income to reach FI!

I ran into my first bump in the road already. I have set up an LLC for this property but my lender told me that they would not lend the money unless the contract showed me as the title holder, not the LLC. I called another lender and they said the same thing.

I've read that this is common. My question is whether the LLC is needed and or will good insurance cover me? I'm concerned with liability. Also, what is the process for transfering the title to my LLC after purchase?

Mike