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All Forum Posts by: Alex Malone

Alex Malone has started 9 posts and replied 22 times.

Post: Transfering SFR title to LLC

Alex MalonePosted
  • Investor
  • St. Petersburg, FL
  • Posts 24
  • Votes 1

What's the best way to transfer a property i fully own (no mortgage) into FL multimember LLC? Quit claim deed or warranty deed? Are there drawbacks to one over the other, is there even difference at all in my case?

Post: Recommendations for landlord insurance

Alex MalonePosted
  • Investor
  • St. Petersburg, FL
  • Posts 24
  • Votes 1
Originally posted by @Kyle Godbout:

Hi there.
I am in the process of converting 5 properties over to an LLC and refinancing them with a business loan. They had been insured under my partner and myself. I will have to get new insurance under the LLC and am looking for something affordable. It's going to be for the loan value, not full appraisal value, if I can.

I would love some recommendations on who to use. I plan of attaining more properties, so a company that gives quantity discounts would be good (if that is a thing). I'm in the Omaha, Nebraska area if that matters much.

Things to consider. You *might* have to pay off current mortgage before deeding properties to LLC, else due on sale clause on your current mortgage might kick in. Business loans usually carry higher interest rates. Insurance rates will most likely be also higher. Good idea but make sure the math works before you start quit deeding.