Updated over 5 years ago on . Most recent reply
Transferring investment property into LLC
I'm sure this question has probably been beat to death but it seems like everyone has conflicting opinions on this. Is it possible to transfer a property under my name that has already been purchased into an LLC? I've read that doing some will activate the due on sale clause, and I have read others saying it is possible if I transfer into the LLC but retain my name on the loan. Looking forward to hearing from you guys!
Most Popular Reply
Why don't you go to the bank that has your mortgage and ask them what the affect of transferring the property into an LLC will have? Then if there are no issues, go to a local title company and transfer title into the LLCs name. I'm not sure why a bank would care what entity has the title you are still going to be personally liable for the debt.