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Thread: Transferring a property with two mortgages to my LLC

  1. #1
    Junior Member
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    Default Transferring a property with two mortgages to my LLC

    I am looking to purchase a property in the upstate NY area and live in it while I build up equity. I am also in the process of starting an LLC for investment properties. I will have a mortgage on this property, and once I start paying it down I plan on getting a home equity as well. Would I be able to use this home equity to purchase another property under my LLC's name? And once I move out of that first property, can I transfer it to my LLC (so that I can rent it out without liability), even though it has a mortgage and home equity on it?

    Before I purchase the property, what should I know? I should get a mortgage without an acceleration clause, right? I am under the impression that without an acceleration clause, I can easily transfer the property to my LLC without having to pay the entire mortgage balance upon transfer. Does this acceleration clause really matter - will the bank make me pay upon transfer if it is not there? What about a home equity mortgage lien?

  2. #2
    Senior Member
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    Default

    These are good questions to ask your realtor, tax advisor and legal advisor. This is not my area of expertise, sorry.

  3. #3
    Junior Member
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    Ok...well if there is anyone who can answer my questions, it would be helpful to hear from them. Thank you.

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