T
tc_homes
New Member
Hello! We just bought a house with cash. It's worth about $450k. Long story short, we didn't realize airplanes fly 100ft over our heads (it's been keeping me from sleeping!). Setting that idiotic mistake to the side, it's a great neighborhood otherwise and many folks have lived here for 40+ years. So, what I'd like to do:
1) use a HEL on property A for a downpayment on property B
2) convert property A to a rental and property B to a principal residence
The finances look to work out fine. Some questions I have:
1) I'd like the liability coverage afforded by an LLC, what's the process for transferring ownership of a property from my name to an LLC?
2) Are there any gotchyas or things to watch out for in the above scenario? We've only been in the house for a month (that's how bad the planes are for me - they don't bother my wife).
Thanks
1) use a HEL on property A for a downpayment on property B
2) convert property A to a rental and property B to a principal residence
The finances look to work out fine. Some questions I have:
1) I'd like the liability coverage afforded by an LLC, what's the process for transferring ownership of a property from my name to an LLC?
2) Are there any gotchyas or things to watch out for in the above scenario? We've only been in the house for a month (that's how bad the planes are for me - they don't bother my wife).
Thanks
