I'm trying to determine the best way to move property (owned outright) from me to my wife. I have 10 conventional loans and can't acquire more, she however still has less than 10. We had a child, she became a stay at home mom (thus no more income), and we want to purchase a few more. I want to move the properties so the cash flow shows as income for her.
Wanted to see what the community thinks is the best way to move these properties.
Quit claim from me to her
Warranty deed from me to her
Open up LLC with her as sole member and quit/warranty to LLC.
Thanks in advance
@Stone Jin A quit claim deed is fine for transferring property, that is, when the person who is getting the property is not paying for it, as they have nothing at risk if there is a title defect. This is especially true when the ultimate owner is the same, which in this case it is, kind of, as there is no new risk incurred.
If you were to get a property from someone else for free that you intended to put a lot of money into, you would want a warranty deed.
Thanks Larry. Quit Claimed them to my wife with ease.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.