Say you want to buy a home using an LLC, can you get financing for it in your name but have the home in the name of your LLC?

Do you have to pay cash for the house? Never done an LLC but I think I may as it keeps me under the radar... if for some stupid reason I ever get married... the LLC could help me out, etc!

Anyone have any information on doing an LLC for a home? New to LLC and a home purchase through an LLC

It use to be a lot easier, you use to be able to just file paper work under the title company to have the house under your LLC name, unfortunately as of 2009 with all the mortgage issues banks started adding a clause in the mortgage that states they can call the loan upon transfer, ie: your load would be due in full,  whether they do this or not I don't know but I have run into the same issue as you and i don't want to take the chance.  If you want to buy under your LLC, you need to get a business loan which will most likely have a MUCH higher interest rate and more down payment.

Wells Fargo told me they can't do it but they said try a local bank and/or credit union!


Sometimes Business's get a 'better deal' than a typical consumer.. part of the 'system' of the rich making themselves richer is making the rules work out to their advantage. Income Property is taxed at a higher rate (MI not sure about TX) so the only issue would be the mortgage rate. Not sure if it would make a difference at tax time.. do they consider a personal residence through an LLC 'income property'?

How much does/did it cost you to setup the LLC? What does it cost you each year if anything?

I set it up through legalzoom, it was like $400 I think... I recently purchased a rental property and I tried the business loan aspect and the small bank aspect,  issue was my LLC had no credit so the rate was a lot higher, so what i am doing is getting a credit card under my LLC to build credit and then my next property I hope to be able to buy through the business

Hmmm, Interesting.. maybe you could get your cell phone through the LLC as well.. tax deduction perhaps as well as build credit..?


Wonder if I could use the same LLC for multiple business adventures, I get people asking me to make 'things' for them all the time. I could charge more than enough to make it worth my while and also use the LLC to deduct some expense each year, perhaps even some SQ FT in the house.. not sure on tax laws here... but it could be win/win...

No maintenance costs to the LLC?

There is a yearly fee to keep the LLC active, I think it's like 150 bux close to that

No yearly fee to upkeep a LLC in Texas.  One issue is if you buy a house using an LLC you can't take homestead exemption.

If you did want to finance a house using an LLC your bank would likely make you also take personal responsibility for the loan.

I own two rental houses that are in my LLC. We paid cash for them so no idea how it would work on a mortgage.

I will add though that unless you have a HUGE business no bank is going to loan money to a LLC without a personal guarantee. I have been in business about ten years my business has credit cards, phones, utilities, various charge accounts with vendors, perfect credit, ten employees, large revenues, and I can't get a small loan for my business without signing for it personally. My banker said they won't loan money to a business without a personal guarantee unless the business has over ten million in assets.

Extremely unlikely that a Business loan would have a better rate than a Consumer Mortgage.

I think the yearly re-up fee i have has to deal with going through LegalZoom

If you are trying to hide your name from public records, good luck. Even the judges, cops and prosecutors that are eligible to have their names removed from the public records roles don't completely go away. Many times a determined records search can still show clues or remains of some of the recorded real estate documents or tax records.

Well the people who I would want to hide it from are the poor/lawsuit happy idiots....

someone who is say 'black' and plays the race card when you don't hire him for a job which clearly says "Mig Welder Experience necessary $15" then he shows up, you ask him if he has any experience and he says no, and you say "Goodbye" then you end up going to court for 'discrimination' meanwhile you have a black man doing all of your electrical work because he has all the required credentials/experience and he does a good job.

Stupid people who file stupid lawsuits are easier to hide from since they have no money, and if it appears you have no money they won't even try!

That could be true, who knows... but there also may be more ways to deduct that interest based on the LLC which would at tax time put you in a better position! I don't know.. most people I know with an LLC have paid cash for everything.. and have credit scores in the 600's personally, not sure about the LLC's credit..
I don't have any issue with guaranteeing the loan with my own credit rating.. and I think I have enough money in the bank to cover any home I end up purchasing... I just don't want MY NAME on the house, so people can't easily find out I own it.. they look it up and it says Broadway Development or something rather than "Arsenal76"...

I think it would almost be mandatory to put any rental property into an LLC unless you are just dying to loose all of your personal possessions to some renter or wantabe renter.

Good Advice and I agree, however I have owned rental property since 1998, I lived next to tenants in a duplex for all that time until the past year.. never once did I get sued, I had two bankrupt families who I rented to because they seemed like they would pay and they needed a place to live.. they were both mistakes..they both lied in court and are morally bankrupt as well as financially.. the rest of the tenants I've had were all great except one who was a 'young punk' and a drunk with probably a 'female' issue.. ie she lies to him and he is dumb/gullible or wrapped around her finger and believes her?

I've sued twice and threatened to sue the young punk but he paid up because he knew he was going to lose anyway! In my experience Credit History is the best way to tell...

I haven't been sued yet and I hope I never am, especially since I am a good landlord, I always fix problems asap or at least get the process rolling asap. I NEVER annoyed my tenant's as much as this STUPID APARTMENT has annoyed me... inspections/etc...

Now that I have moved out of state I am looking to sell all my income property because I don't want to deal with it, can't even trust my own 'father' to take care of it for me.. Once michigan's economy gets good enough for me to get the 'right price' I will SELL!

Really what scares me is the whole Trayvon situation.. If I ever shoot a black person I can just see it being blown out of proportion, so what the black man is a crackhead, with an arrest record longer than a stephen king novel, so what he broke into your house.. you shot and killed a black man and your not black so YOU ARE A RACIST and will lose in court by default, or we will sue civilly and you will lose because you are the 'white devil'

I've had more problems in the past year than I have since 1998.. and the irony is my 'father' is behind most of it. Being he is a businessman. I am sure that is his tactic... to get me to sell so he can buy it and make money rather than simply helping out his own son!

Who's getting that $150. I've never had to pay for my LLC other than my initial setup fee.

How does that relate to the topic of your thread?  IOW, what does it have to do with the price of eggs in China?

I've yet to see one yet disappear from records.  They info is minutes away just like anyone else.  TCLEOSE info is also available.  


I can see the LLC for rentals if you want to run it that way.  But that is not needed to protect your property from law suits.  Just file a homestead exemption.  Your primary residence cannot be taken away through collection of a judgment.  Even if you put your stuff into an LLC, that "corporate veil" is often easily pierced.  If YOU are the LLC, the LLC is fair game in a suit against you.

Some people sit around and things of ways to do nothing and sue, perhaps they smoke a lot of pot while doing this, for whatever reason they come up with some STUPID LAWSUITS that will never go anywhere yet even if they don't get a judgement against you they can still 'win' simply by wasting your 'time'. Time is Money. The story above is true the guy had 6 other lawsuits for the same reason.. the judge threw them all out awarded some money to the defendant and told him if he ever saw him in court again he was going to put him in jail! Once again that was in Michigan.. but the only reason that DB sued was because he knew the person he was suing had money.. and he probably gets 'some' money just to go away! It relates to this thread because it's a big part of why I would like an LLC...hide from the idiots.

what about marriage? If you have an LLC with one other person or perhaps two other people does that prevent a wife from getting the house or 50% of the house? I know my dad had his house on Lake Michigan put in my sister's name.. apparently he was expecting a divorce and she was pissed when she couldn't get that house, even though I like her better than my own dad.. I think it was fair.. he put in a lot of work to earn what he got.. she was just along for the ride. and she got a house next to Magic Johnson and/or his parents...needless to say she still won imo as she would never have earned that on her own, she couldn't afford the taxes let alone the house payment.