Rental Property Investor · Indianapolis, IN · Member since 2020 · 562 posts · 554 votes
Single family rental is all settled in with a tenant with a 2 year lease, and a property manager. Had to close the loan in my personal name as I couldn't find a lender that would loan directly to my LLC. No biggie, it's fairly common.
I'm ready to deed the property to my LLC. Mortgage states that I need to get permission from the lender in writing. I emailed the mortgage broker asking what the process was to get permission, and he responded with an email saying it was ok to proceed.
My question is, does the email count as permission in writing? Curious what other people’s experience has been.
I'll have to give the "talk to your attorney" answer. In my research and the conversations with my attorney an LLC was a better option for my situation. Tax benefits were better, but each state has their own laws and regulations. I am not proficient enough yet to give all the details.
The process of filing the deed is pretty inexpensive and easy. There are a few different ways to go with the type of deed. Quit claim etc. Again this is something your attorney can help with.
As far as having written permission from the lender, it sounds like you have it. Keep that email for future reference if needed. Talking to an attorney about the best way to actually transfer the property is good advice.