Mat Kik Rental Property Investor from Columbus, OH posted 4 months ago I'm a new investor into real estate and I've just owned my property over two years! Bought it under my name with an FHA loan. I'm currently looking to go conventional on my next property and start buying more properties, I was wondering if there's a possibility to transfer the fourplex from my personal name into an LLC I just created ? Also, are there any pros and cons to moving it into an LLC instead of keeping it under my personal name ? Thanks to anyone taking their time to reply. Really appreciate it.
Greg Dickerson Developer from Charlottesville, VA replied 4 months ago Originally posted by @Mat Kik :I'm a new investor into real estate and I've just owned my property over two years! Bought it under my name with an FHA loan. I'm currently looking to go conventional on my next property and start buying more properties, I was wondering if there's a possibility to transfer the fourplex from my personal name into an LLC I just created ? Also, are there any pros and cons to moving it into an LLC instead of keeping it under my personal name ? Thanks to anyone taking their time to reply. Really appreciate it. You always want to keep your rental properties in a separate LLC. Each property should have its own LLC. This way the one will not affect the hole and you will be separated from any liability issues. Having an insurance policy for personal liability will not protect you like many people think. You need to make sure there are no transfer taxes if you want to move a property into an LLC. The second thing is the loan requirement. You may trigger the due on sale clause by transferring the property without refinancing or paying off the loan.