Recent content by ffarouqi

In the event of a foreclosure the load recovery should happen for the property that I took with the loan and not my existing rental properties...right?

What is a non-recourse loan? I never heard about them. Can you explain a bit.

It is paid off.

I want a collateral to invest in another property

Basically, is there any benefit of going with an LLC thing then? Thanks for your quick response

I am not particularly sure but someone suggested me to register an LLC, add these 2 rental properties under the LLC and then take a collateral against the 2 properties on the LLC...not sure if that would help me achieve anything as they obviously would still need a guarantor. LLC is a virtual...

I need to basically take a collateral loan from the bank on the existing properties but I am thinking it would be best to form an LLC although I am not sure what benefit it would derive...will it help me if I am not able to pay off my loan or file for bankruptcy?

Can I have it registered under the name of the LLC? What difference it would make if I take a collateral loan with properties under my name or if the property is under the LLC.

I am on the look out to know if I can register an LLC and have my 2 rental properties under the LLC so I can get a collateral from the bank on the LLC. State: IL City: Aurora Zip: 60504