Changing Investment Property from Private Pwnership to LLC

[Cedric Van Duyn]

Dear Savvy Investors,

I recently purchased an investment property and due to circumstance did not have my LLC set up in time to put the property in the LLC name. Thus, the property is currently in my personal name (and my wife).

Now that I have my LLC set up, I would like to change the ownership of the property from my personal name into the LLC. I have read about doing a "Quit Claim Deed," and was wondering if anyone could give me any advice on this? I have spoken with my Insurance agent and apparently it is easy to change the insurance immediately after the QCD.

I do wonder about the bank where I have my loan. Since my name is on the loan, how does this work once I have submitted a Quit Claim Deed?

Any other options or advice?

Thank you so much!!

Cedric