Investor · Huntersville, NC · Member since 2016 · 5 posts · 0 votes
How long does the process take to transfer from personal to an LLC when purchasing a new property and what is involved? Also could I be liable during the transition period?
Establish an LLC, then bring proof of ownership to the county, then record a new deed to the property under the name of the LLC. It can be done in a day if you are willing to do the foot work.
Also, be aware, if you are going into a law suit a divorce or are in a law suit that LLC will be able to be pierced by any attorney. I have always used a living trust on my personal properties (my house, my second home, mine claims, insurance) these sorts of items. When involved in rentals, distance yourselves from your rental by using an LLC because it can protect you from frivolous law suits like slips and falls, damages in the units and catastrophic events like earth quakes, 100-500 year floods, fire and a list of other issues that may arise during ownership.
If you hire an attorney, be careful, because most are after FEE's and can drag an LLC out for extra billing fee's! Just my experience with the things I've mentioned above
It can happen pretty quickly depending on if you already own the property.
Be aware that owning it in an llc doesnt protect you from lawsuits. Especially if it's a single member llc. All the LLC is doing is making it harder for a lawyer to determine how many assets you actually own. Depending on your state, the info pertaining to the owner of the llc is easily and readily available.