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I'm interested in buying a rental property. I want it to be…

Hello,I'm interested in buying a...
Hello,I'm interested in buying a rental property. I want it to be under my LLC and have no tie to me personally. I'm assuming I'll need to use my personal credit to get the mortgage loan. If this is the case, legally, will the property still be under my LLC and have no tie to me personally?
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Answered in 1 minute by:
5/23/2018
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,224
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good morning. As long as you title the property in the LLC, you will not have liability with issues relating to the property. The only personal liability you would have is the mortgage if requested to personally guarantee the loan by your lender. This would require only that you sign a personal guarantee; the property would still be owned by the LLC and any other debts, liabilities, etc. concerning the property would be totally separate from you personally. :)

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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,224
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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Richard
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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