This is my first investment property. I’ve contracted to purchase a brand new 3 family property. I close in 3 weeks. I was able to get at it a great pre-construction price. I am happy that the equity is shooting through the roof, but I have the contract in my name. The problem with that is that I just recently found out that I should put the ownership of the property under an Limited liablity Co. Can I do this without the mortgage company initiating the due on sale clause. How can I get around this?
??? ??? ???
…or can I even change the name of the title holder at all?
Sheesh, so many questions, so little time.
YO MIKEY!
you can QUIT CLAIM it to your LLC after closing!!! If you already have a loan! IF IT AINT BROKE DON’T FIX IT!!!LOL
Thanks for the info. I think I follow you as it realtes to the loan, but I guess I’m going to have to google “quit claim” 
because I dont know what the hell that is. Man this is a great website.
Is there a quit claim form on this website?
a quit claim deed is generally state specific, so having a downable may or may not help.
The problem with [having the contract in my personal name] is that I just recently found out that I should put the ownership of the property under an Limited liablity Co
How did you find this out? Through a book/course/seminar? Did they tell you why you need to have an LLC? Do you know why, or are you just doing what you’ve heard?
All of these questions are for a reason. Simply, you form an LLC only when you actually need one. The main purchase of a LLC as it relates to REI is to help protect and separate your personal assets from your business assets. Now, most people just starting out don’t have alot of free and clear personal assets and no business assets to separate. Also, there are costs and obligations to having/forming an LLC. If you don’t know what these are yet, then it’s probably not a good idea to form one.
just my thoughts,
Raj
Thanks, you 've given me something to think about.