Quitclaiming a Rental from my personal name to an LLC ??

8 Replies

Does anyone here know of a company who will help completing the process of switching my rentals from my personal name to an LLC?

Some of them have loans on them and others don't. 

Thanks.

Any real estate attorney can do this. Honestly it’s a simple form. Get on legal zoom and do it for one property and then repeat for the rest on your own. 

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just go to your courthouse and if they're good people they will walk you thru it. to start, google quit-claim deed affidavit and use that as a template. then the ppl at the courthouse should help you if it's a lil off. I've actually hand written one at the courthouse with their guidance

As @Matt Motil said it is a relatively simple process. Keep in mind that once you go from personal ownership to ownership in an LLC, you can no longer represent yourself in court. Only an attorney can represent an LLC in an eviction for instance. Also, sometimes (Cuyahoga County), the county will impute value and make you pay a transfer tax based upon imputed value. They did this to me once, although was trying to literally give the property away for only $500, but the county insisted on imputing the value to be the amount of the past due taxes... a huge number.

So while you may be able to do this yourself, if it is anything other than a vanilla transaction, you may still want to get an attorney involved... its a small price to pay for piece of mind.  If the property is in Cuyahoga County, (Ohio) use one of the eviction attorneys, so you can start a relationship with him for the future.

Bob Collett

@Bob Collett , I don't live in OH and don't manage my properties. Hopefully I never have to go to court in OH, but I'd most likely get an attorney if I had to go to court whether the property was in my name or an LLC.

Most of my properties are in Cuyahoga and one is in Columbus, OH. 

Do you have an attorney you can refer me to? I'm also worried not to trigger the Due-On-Sale Clause on the properties I have financed, so I guess I need someone who has experience with that.

Thanks. 

Noam

I work with two or three local attorneys here.  @Timothy Murphy III is an attorney who is active on Bigger Pockets and he can do a fine job for you. I have had the pleasure of working with him on a couple of cases.  He also has a real estate license, and knows the east side.

Bob Collett

Thank you @Bob Collett

@Noam Ofan

Message me and we can discuss. The process itself is pretty simple, and if you're transferring from your own personal name to an LLC you own it is typically an exempt transfer meaning no conveyance taxes are assessed. There is a risk that your lender will call your loans due if you transfer the property with an outstanding balance still in place. Some investors are fine with this risk and others are not. There's not necessarily any right answer to that question, but rather a matter of personal preference and risk tolerance.

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