I recently partned with two friends and we formed an LLC. My wife and I have been purchasing investment properties and would like to shift the mortgaes to the LLC. How can this be done and in the future how can the LLC buy the properties without the need of the personal guarntee of someone?
Howdy Perfectpeace:
Hard to do. Most banks and mortgage companies want a person to be liable especially with a new LLC or Corp. Once you have strong assets and a credit history for the LLC you may be able to get a loan without personal liability. It will probably take a few years.
LOL