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So, way back we did an episode discussing the pros and cons of whether holding your rental property in an LLC is right for you or not. Well, we had a lot of requests asking us to talk about the actual process of transferring your rental property into an LLC and now here we are discussing it.
It may seem like a very cut and dry concept, and for the most part it is, but there is quite a bit to know about the process before you take the steps to make that transfer.
Things like, will your mortgage lender allow it? What if my rental was purchased with a 1031 exchange that was titled in my personal name? What forms do we need to use? Or how will the process affect getting loans on future properties?
We are using personal stories of our transfers to help you get a clear understanding of why we did or did not choose to transfer our rentals to an LLC. Plus, we tried our best to keep it as simple as possible so you can have a clear understanding of what transferring your real estate investments into an LLC entails.
LINKS
👉 Episode 16: Is Holding Your Rental In An LLC Right For You?
👉 NOLO Legal Forms: Make your business an LLC
Structuring your business as an LLC can bring important advantages: It lets you limit your personal liability for business debts and simplify your taxes. Here, you’ll find the key legal forms you need to create a single-member or multi-member LLC in your state, including:
• LLC articles of organization
• operating agreement for member-managed LLC
• operating agreement for manager-managed LLC
• LLC reservation of name letter, and
• minutes of meeting form.
Form Your Own Limited Liability Company has easy-to-understand instructions, including how to create an operating agreement that covers how profits and losses are divided and major business decisions are made. You’ll also learn how to choose a unique LLC name that meets state legal requirements and how to take care of ongoing legal and tax paperwork.
Launch Your LLC Today!
👉 Course Waitlist: From Marketing to Move In, Place Your Ideal Tenant
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