Posted by T craig on August 12, 2005 at 19:12:20:
how do i transfer my 7 rental properties to my newly formed LLC.
property transfer to LLC - Posted by M Levesque
Posted by M Levesque on September 06, 2002 at 11:07:57:
We recently formed an LLC. The property we live in today has 30K worth of equity in it. We have begun construction on a new home to be completed in 5 to 7 months. We intend to keep both homes and rent the former. How do we transfer ownership of the first property to our LLC and leverage the equity to invest in other real estate (in the name of our LLC)?
Re: property transfer to LLC - Posted by JHyre in Ohio
Posted by JHyre in Ohio on September 06, 2002 at 16:51:07:
You can sell the property or borrow against it to get the equity…make sure and look for a bank that will lend to a property held in LLC, many won’t. The actual transfer to the LLC is simply execution of a deed to it.
John Hyre
Re: property transfer to LLC - Posted by Kathy Booth
Posted by Kathy Booth on October 25, 2003 at 11:32:14:
What is the actual process to transfer property to the LLC. ?The execution of a deed? Just retype the deed & register it at the courthouse where it is held?
K Booth
Re: property transfer to LLC - Posted by Maggie
Posted by Maggie on September 07, 2002 at 24:27:00:
What if you just got served? Could you transfer your properties to an LLC, or is it too late?
What could you do if this happened?
Re: property transfer to LLC - Posted by John Merchant
Posted by John Merchant on September 07, 2002 at 09:12:34:
It’s too late the minute something’s happened to give rise to a claim against you. And a court has the power to force you to undo and unwrap any asset hiding you might have done or attempted in the recent past…and penalize the culprit either criminally or civilly.
Any effort to hide or conceal assets, after the fact (after the guest fell in the open hole in the 2d floor, etc.), is an effort toward fraudulent concealment and is not something anybody with integrity would attempt to do.
Even one with NO integrity might as well realize it’s too late to hide the silver after the burglar’s in the house, or the house is afire.
Re: property transfer to LLC - Posted by Rob
Posted by Rob on September 11, 2002 at 20:36:50:
What happens if the person in the suit is an elderly over 80+, and needs estate planning? Can they transfer to an entity? She lives in California.
The reason I ask this is that this grandmother is very unstable. It would not be fair if she was not able to protect herself from probate. What could she do? and What could she do to avoid a suit, that she is being sue, all because she has property. That very is unfair.