Transferring rental property to LLC - Posted by Betty Antoine

Real Estate Investing Real Estate Law
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Posted by Dale Keel on January 31, 2006 at 13:17:27:

I also have rental property with mortgages that I want to transfer to an LLC. I was told I would have write to a decision maker at my lending company and have them give me written approval to transfer my properties into an LLC. Is this accurate? If so, has anyone done this, and what are the chances a Lender will approve this? If they don’t, what are my other alternatives?

Thanks,

Dale

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Transferring rental property to LLC - Posted by Betty Antoine

Posted by Betty Antoine on December 05, 2005 at 19:13:57:

My partner and I are in the process of creating a LLC. How do I go about transferring titles from our rental properties (now in our names) to the LLC?

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Re: Transferring rental property to LLC - Posted by Eric

Posted by Eric on December 09, 2005 at 16:10:18:

Put them into a land trust with you as the beneficiary. Then assign the beneficial interest to your LLC. If you have a mortgage on the property, the lender may have an issue with you transferring property into an LLC (due on sale clause).

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Deeds - Posted by John Merchant

Posted by John Merchant on December 06, 2005 at 08:49:03:

You both will need to deed your properties into the LLC.