Hi friends from the forum. I recently purchased my first rental house in Woodstock, GA. Small 3 bed 2 bath. Currently under renovation. My questions is when I purchased the house I used my own name. I heard using my own name is easier to get approved for loan and having lower rate. Now the house is closed and almost ready for renter, I set up a LLC in GA. How to transfer my property from my name to the LLC legally for max protection and minimum cost?? Please help!!
I notice you said, "for maximum protection....." Would I be correct to assume you're meaning asset protection?
You would need to transfer title via deed. I would consult with an attorney. Keep in mind the due on sale clause.
Supposedly the due on sale clause when transferring a house into your LLC is not usually enforced. That said, LLC's cause all kinds of other issues with insurance, including umbrella policies. And if your LLC is in your own name with you as the owner, it offers no protection anyways...just hassle with false hopes of protection.