Existing fully owned home to LLC

[John Conway]

How do I move my original home, fully paid, to an LLC for asset protection?

I understand how to get a rental into an LLC - get permission from lender (Due on Sale clause), confirm continuation of insurance clause isn't violate, sign Warranty or QuitClaim Deed and record it).

And is this a good idea for asset protection? I just bought my first SFR investment and want to protect my own home.

[Sean Morrison]

Disclaimer: I am an attorney, but I am not your attorney. This is not legal advice, just friendly information.

There's really not much benefit to putting your personal home in an LLC and the costs are pretty high. In order to move it to an LLC, you would simply need to deed the property to the LLC. But, as an LLC, you could lose any homestead exemptions for property taxes and would have difficulty if you wanted to refinance. Insurance rates (both homeowners and flood insurance) could go up significantly.

And Florida has an homestead exemption for liability purposes that protects the entire value of the home, so the LLC may actually lower your protection. 

Asset protection is not a game for online forums. You should seriously talk to an attorney about this.