Investor · Buda, TX · Member since 2016 · 137 posts · 55 votes
Hey BP Members,
I wanted to see if anyone would share their experiences with moving properties in indv. name into existing LLC (used for old side work but still active, no debt etc) and what insurance companies need to insure, lender consent letter (to prevent due on sale). Furthermore, I wanted to see if anyone has moved properties into Series LLC (I live in TX) and the estimated costs (if you don't mind sharing) and if for a young investor with just a few properties but planning to continue adding to the portfolio it is worth it to start before acquiring more properties. The idea of making it easier for tax/reporting purposes is very appealing, more so than dealing with multiple traditional LLC's.
In episode 109 Brandon said he keeps multiple properties in LLC's based on the ownership of the LLC (H&W, indv., partnerships, etc). @Brandon Turner unsure if your state allows "Series LLC" but if so have you done this or thought about it if you lived somewhere they allowed it?
I moved property into my series LLC several years ago with (what I recall to be) minimal cost. However, I've only moved property owned free and clear. I'm happy to refer you to my series LLC attorney in Austin. Just send me a PM.
I use a local commercial insurance broker to insure property held in my series LLC. However, my brother in law is with Liberty Mutual and recently told me that they'll now write standard landlord or homeowner policies on residential property held in an LLC. I haven't looked into that personally, though. If you want to chat with him, or with my commercial insurance guy, let me know.