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Updated over 10 years ago on . Most recent reply presented by

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Transfer properties to LLC

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Posted

I have five rental properties that I want to transfer to an LLC. While the transfer process seems to be easy enough, I am having problems with the insurance and mortgage companies.Both have told me that they would drop coverage/call the note if that happens.

I do have a personal umbrella policy, just as a side note.

How do I go about this? I am in NC if that matters.

Any pointers appreciated. Thanks in advance.

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Curt Davis
  • Flipper/Rehabber
  • Memphis, TN
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Curt Davis
  • Flipper/Rehabber
  • Memphis, TN
Replied

@NA/NA

If you call the bank directly and ask them what you just asked them then you will surely get the answer you received. Many investors will just Quit Claim them to their LLC and the bank 99 out of 100 times wont ever notice or care. Same goes for the insurance.

I have done this many times and there has never been an issue.  Banks dont want to take back the home so if they found out you just transfer back to your name.  The home is still attached to your name and SS#. 

Why do you want to transfer them to an LLC anyways?

  • Curt Davis
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Curt Davis - KAIZEN Realty
5.0 stars
38 Reviews

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