Trying to put rental property in LLC.... - Posted by IB (NJ)

Real Estate Investing
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Posted by IB (NJ) on December 14, 2000 at 15:04:31:

Thanks JPiper:

I guess this is where I should purchase one of Bronchick’s courses?

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Trying to put rental property in LLC… - Posted by IB (NJ)

Posted by IB (NJ) on December 14, 2000 at 11:34:05:

I’m in the middle of purchasing a rental property (2 fam) using a 30 year fixed conventional mortgage. The closing is in a couple of days. The problem is that I want to put it in the name of my LLC (it’s a single person LLC, I would be the guarantor on the loan). The loan officer tells me doing this will make it a commercial loan subject to a higher interest rate. He tells me I may be able to do it after closing but of course he’s not a lawyer.

I basically want to put it in my LLC to protect me from liability. Any suggestions?

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Re: Trying to put rental property in LLC… - Posted by JPiper

Posted by JPiper on December 14, 2000 at 14:54:11:

You could deed it to a trust after the closing. Then assign the beneficial interest in the trust to your LLC.

JPiper