How do I transfer my properties to my LLC. I just registered for an LLC last month, Jan. 06. I currently own 2 investment multi-family properties and would be closing really soon this month on the other properties that I’m buying. I’d like to put them all in my LLC. How do I do it?
Thanks to all!
You can “Quit Claim” your properties to an LLC. Be aware of DOS clause if they you have mortgages on them.
Would it trigger the Due on sale clause if I quit claim it?
It depends on the lender.
Maybe inquire with the lenders before the transfer, and let them know you’re transferring for asset protection and will maintain control yourself. They’ll probably be ok if you agree to remain on the loan personally.
Although… from that standpoint, it almost defeats the purpose. :-\
Best way to handle issues like this is to have the LLC set up before buying. Get the house under contract, then assign it to LLC.