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Updated over 2 years ago, 06/27/2022

User Stats

20
Posts
2
Votes
Ryan Fischer
  • Rochester, NY
2
Votes |
20
Posts

Should I transfer property into LLC name?

Ryan Fischer
  • Rochester, NY
Posted

And if so, how hard is that to do?

Rental properties currently in personal name.

User Stats

1,121
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242
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Al Wilson
  • Investor
  • Daphne, AL
242
Votes |
1,121
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Al Wilson
  • Investor
  • Daphne, AL
Replied
Not enough details here. Is the property subject to a mortgage?

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16,433
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12,708
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Ned Carey
Pro Member
  • Investor
  • Baltimore, MD
12,708
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16,433
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Ned Carey
Pro Member
  • Investor
  • Baltimore, MD
ModeratorReplied

There are a lot of factors that go into that decision; Your personal risk tolerance, will it be a single or multi member LLC, who manages the property, what is the risk profile of the property and current tenant, tax consequences, cost, etc.

The actual transfer is logistically pretty simple and likely can be structured as no tax consequence for the transfer.

Keep in mind there are both legal and tax implications of this and you should get professional advice.

  • Ned Carey
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    User Stats

    265
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    91
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    Joshuam R.
    • Specialist
    • Florida
    91
    Votes |
    265
    Posts
    Joshuam R.
    • Specialist
    • Florida
    Replied
    Quote from @Al Wilson:
    Not enough details here. Is the property subject to a mortgage?

     Mine is subject to its current mortgage. Is that ideal to transfer into llc, I would assume no since mortgage can be called? So in that case keep it in personal, or have my llc buy the property?