I purchased a house in 2021 and lived there for two years before converting it into a rental property. I had not considered opening an LLC until recently when I learned about its potential benefits for liability protection. As this is my first experience with rental properties, I am unsure where to begin and what challenges I may face in transferring the rental home to an LLC.
My mortgage is with Wells Fargo, and I have already informed them that the property is being rented. I am concerned about the implications of transferring the property into an LLC, especially since I have a favorable mortgage rate that I would prefer not to jeopardize.
Would it be advisable to establish an LLC, obtain a PO Box, and open a business account without transferring my current property to the LLC? I am not planning to sell the property and intend to acquire additional rental properties in the future. I understand that forming an LLC and having a business account could be beneficial for this purpose.
Thank you for your assistance as I navigate these questions and seek a clearer path forward.
