Investor · San Jose, CA · Member since 2017 · 11 posts · 3 votes
My husband and I are in California, we have two investment homes and one primary house, all under our names, all have loans also under our names. We think it's time to create an LLC or a trust for our kids, but with all the homes and loans under our names, wonder how can we do that legally? We don't want to take the risk by not telling the lenders about moving homes under an LLC's name.
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
9y
@Natalia Zhou, start by talking to your lender and see if they would have a problem moving the title to an LLC. There might be some paperwork/costs involved. Remember, you'll still be personally responsible for the loans.
You can also explore refinancing the properties and transferring titles at the same time.
Asset protection gets complicated fast. Check out Clint Coons on YouTube, he offers a lot of sound guidance.