Middle River, MD · Member since 2015 · 19 posts · 1 vote
Good Afternoon BP,
I have two rental properties in Maryland but am going to be living in NY and would like to open an LLC in NY and put the property on that LLC. Is this possible and worth it? In addition am I able to put those two properties, which both have conventional mortgages on them to a brand new LLC?
Thank You,
Lukasz
Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
9y
@Lukasz Kownacki are you putting them in the LLC for legal protection? Some use an umbrella policy to accomplish the same without the hassle of maintaining multiple LLC'S
Middle River, MD · Member since 2015 · 19 posts · 1 vote
9y
Yes, the number one reason would be for protection. Thank you I will look into the umbrella policy. What do you think is a good amount to get insured for?
SW Florida/Maryland · Member since 2016 · 89 posts · 36 votes
9y
How do you currently own the properties, individually or as an LLC? If your NY LLC owned property in Maryland you would have to register your NY LLC in Maryland.