QUESTION
If my duplex is on my name, and the 2 rental leases are under an LLC, would I be protected?
Asked on May 22nd, 2024 on Business Law - Pennsylvania
More details to this question:
My duplex is under an LLC. I'm under the process of refinancing the duplex. If I refinance and put it under my name, the interest rate is lower. However, since I'm renting the duplex, I'm trying to see if l’ll still be protected if the leases are under and LLC.
1 ANSWER
CREDIT CARD COLLECTION DEFENSE Attorney serving Harrisburg, PA
Partner at
Law Office of Gregory M. Lane
Without more information I cannot answer your question properly. The answer depends upon what you are trying to protect yourself from. I would further advise you to be very careful about mixing the loan, the LLC and the leases. If you are obtaining the loan on the property and the lender is relying at all on the income from the rent to help pay the mortgage back you need to be careful about mixing and matching or you may, in fact, vreate personal liability for yourself that you may think the LLC protects you from. Find a competent attorney who deals with LLCs and real estate to make sure you've set this up properly.
Answered on May 27th, 2024 at 5:40 AM