Transfer property to LLC

[Martin Fields]

Hi everyone,

I am getting ready to close on my first investment property and looking for some advice on how to transfer the property into an LLC. Since this is my first property, I will be getting a personal loan at 10% down and plan to transfer the ownership into an LLC after closing. Does anyone have any experience or tips for doing this?

[David M.]

@Martin Fields

Careful about voiding your Title insurance

Careful about updating your insurance since they may have to update their mortgage clause in which the services will know Title changed

Get a lawyer to legally “informally” assume the mortgage. You have mortgage in your personal name but will have Title held by legal entity — who makes the mortgage payments. Protect your corporate veil and don’t co-mingle

Since you are potentially co-mingling, consult a professional or two.

Good luck