Updated almost 8 years ago on . Most recent reply
Transfer Rental Property to LLC?
Hello everyone. I'm sure this question has been asked before, so I apologize. I just purchased my first rental property on Dec. 29th. In order to do this, I took out a HELOC on my primary residence. My plan is to apply the BRRRR strategy and re-fi the rental property in 6 months after repairs are done and a tenant is secured. Here's my question: should I transfer the title of the property to my LLC? I purchased an LLC a few months ago but the title for the rental is currently in my and my husband's name basically because I wasn't sure if it was necessary or what I should be doing (haha, as I said, I'm a first-time investor). Would it make sense to just leave in our names and not the LLC? Would there be any consequences during the re-finance process if it is under the LLC and not our names? Thanks!