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Updated over 7 years ago,
Need help to decide whether to keep deed on personal name /LLC
hello there
Amazing forum and threads and some of the pros here are amazing.
We are a newbie team who started out our small business by investing in a single family home in Jacksonville and we opened a NJ LLC for the same .
We initially opened the LLC (newbie error I guess) to buy many properties and use it for financing/mortgages. But we haven't done that. The mortgage is on my partners name but we would like to move the DEED into the LLC if it's worth it.
And collect the rent on the LLC directly .
Again we mainly opened the LLC to avoid being sued but the deed is still on my partners name. We reached an attorney and a CPA about how to transfer but they don't have an answer to this.
1) Is it wise to do this ? What is the process of transferring the deed into the LLC? Or shall we just close the LLC incase we aren't planning to buy anymore.
2) for any future properties - is t wise to directly apply for mortgage from the LLC with 25% down and hence own the property deed from it directly?
Not really sure as newbies what is the best legal structure over here for acquiring properties . As far as trust matters, we trust the partners well.
Thanks a lot for the help
Sri.