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Updated almost 7 years ago on . Most recent reply presented by

Martin Nowak's profile image
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Martin Nowak
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  • from Columbus, Ohio
  • Member since Sep 23, 2016
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Martin Nowak's profile image
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Martin Nowak
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Martin Nowak
  • Investor
  • Columbus, OH
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Tax, SDIRAs & Cost Segregation

Placing a home into an existing LLC

Martin Nowak
  • Investor
  • Columbus, OH
Posted

I need some advice. I have an attorney who will charge $1,500 to place a new rental property into an LLC. The LLC exists already. Thoughts?

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Matthew McNeil
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Matthew McNeil
  • Rental Property Investor
  • Boise/Portland
Replied

Do it yourself.  

Get permission from the lender to transfer the property to the LLC in order to make sure the "due on sale" clause isn't violated. Confirm with Title company that the "Continuation of Insurance" clause isn't violated. Fill out and sign the appropriate Warranty or Quitclaim Deed (Title co. can advise you) and record it.

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