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Transferring Rental Properties to a LLC
Posted on 4/8/15 at 7:01 pm
Posted on 4/8/15 at 7:01 pm
I have two rental properties that I would like to transfer ownership to a LLC.
I have a mortgage on both. How would I go about having the LLC's assume the mortgage liability. On both properties I have over 20% equity.
I have a mortgage on both. How would I go about having the LLC's assume the mortgage liability. On both properties I have over 20% equity.
This post was edited on 4/8/15 at 7:05 pm
4
Posted on 4/8/15 at 7:17 pm to KJason
Have you checked the thread just 4-5 threads below yours? I'm pretty sure this exact topic was discussed fairly early on in that thread.
Real Estate Investing
Real Estate Investing
This post was edited on 4/8/15 at 7:19 pm
Posted on 4/8/15 at 7:17 pm to KJason
You can't transfer with a Due on Sale clause unless you pay off and refinance.
If you're looking for asset protection, just buy insurance instead of transferring to an LLC, it's a cheaper and less hassle than transferring and achieves the same purpose.
If you're looking for asset protection, just buy insurance instead of transferring to an LLC, it's a cheaper and less hassle than transferring and achieves the same purpose.
Posted on 4/8/15 at 7:40 pm to KJason
You first need to see what the terms of the mortgage say about that. I'd imagine there's a clause in your mortgage guarding against this.
Posted on 4/8/15 at 8:32 pm to KJason
Seek written approval from your banker/mortgage company.
Once/if received, go to a real estate attorney and have them prepare an act of contribution to the LLC that you formed. Record in the conveyance records and you are done.
Once/if received, go to a real estate attorney and have them prepare an act of contribution to the LLC that you formed. Record in the conveyance records and you are done.
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