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Hard to transfer title to LLC from own name?
I own a few rental properties in Philadelphia that I purchased through conventional financing and it was just easier to do in my name rather than an LLC. I can't seem to find useful info on moving them to an LLC. Will the lender allow this easily? Wells, CITI, etc. also, do I have to pay transfer tax? Lastly, does it matter? I currently have an umbrella policy for iablitu coverage of $1.5mm. Doesn't this do the same thing as the LLC? Especially if I increase the coverage??
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You will have to pay full transfer tax if you transfer from your name to an LLC.
I'd recommend you to talk to an attorney to have answers to all of your other questions. It all depends on your strategy and how you invest. However, even if you transfer your properties to an LLC you will still need to(want to) have a fire policy with liability in it. LLC separates your personal assets from LLC's assets but doesn't protect LLC's assets from liability.
Cheers,
Yuriy