Columbia, MD · Member since 2016 · 8 posts · 1 vote
Hi All,
How are your investment properties structured? Are you holding under your name or in an LLC? We have been advised to move our properties in an LLC. Shall I? Shall I get a county or state specific attorney? I already have a Property LLC established. How much would this cost me? Thanks!
This question comes up a lot and it really depends on your personal situation and your strategy going forward.
I do have one FHA property still in my personal name but also have others in LLC's. Part of this is because of a partnership and the other is because of asset proteciton. I would definitely consult a local attorney and get an accountant involved as well.
Overall, your goal is about asset protection and an LLC can definitely get you there. They don't cost more than a few hundred to set up but it's also not something to waste money on if there's no need to and you're just starting out.
SW Florida/Maryland · Member since 2016 · 89 posts · 36 votes
9y
Are your properties in Maryland? Maryland does not make it easy to transfer properties from an individual to an LLC without paying transfer taxes and recording taxes. Those taxes can be substantial depending on the value of the properties. Whether or not you transfer the properties to an LLC is really a question of your circumstances and risk tolerance.
Columbia, MD · Member since 2016 · 8 posts · 1 vote
9y
@Tyler Sterns- I am in MD- Howard County. Is there an attorney you recommend I can contact? I have reached out to two but given it's so close to the holidays, I haven't heard back.