Putting existing properties into an LLC

[Robert Dunbar]

Hi,

If someone has existing properties in their name. How do you transfer them to an LLC? What implications does that have when trying to get a new loan or refinancing an existing one once it's in an LLC? Would rent payments need to be paid to the LLC?

Thanks,

Robert

[AJ Exner]

Quote from @Robert Dunbar:

Hi,

If someone has existing properties in their name. How do you transfer them to an LLC? What implications does that have when trying to get a new loan or refinancing an existing one once it's in an LLC? Would rent payments need to be paid to the LLC?

Thanks,

Robert

Robert,

Would either have to look into some kind of a Quit Claim Deed to transfer it into your entity, or just fully refinancing either cash-out if you have any equity, or doing a rate and term refinance where you just transfer the existing debt in the property into your LLC.

Payments could go either way, by being a member of the LLC, any rent payments could be linked to you pretty easily.

[Robert Dunbar]

@AJ Exner

Thank you.