Real Estate Investor · Richmond, VA · Member since 2013 · 6 posts · 0 votes
For folks in NC...I guess.
I inherited a property that I have been renting for the past 2 years. In order to leverage the equity in that property I need to convert it from my parents name to mine. I have a couple of questions:
If I am going to continue to rent this property, should I convert the title to a LLC, or am I ok under my name?
Do I need to hire a lawyer, or is this something that can be accomplished through some form of a formal filing?
Investor · charlotte, NC · Member since 2012 · 121 posts · 21 votes
12y
If you want to take out the equity using a mortgage ..the mortgage company will want it to be in your name. After that you can switch over to the llc..
Creating the llc will cost a few hundred bucks then nc has an annual fee you have to pay..I believe it's 125..you can find it on the Secretary of State website . The few hundred would be using a lawyer. You can do it yourself.