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Updated over 5 years ago on . Most recent reply
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How to Title my first investment property?
I am under contract for my first investment property. The property is in Florida. I have created and LLC but as it is brand new I can not establish a loan under the LLC and have to take out a personal loan. What is the best way to get the title under the LLC. Should I ask the lender if they will accept the LLC in the title with my personal loan? Is it better to title it under me personally then transfer to the LLC after? If the later, what is the best way to transfer? I'm currently searching for an attorney to assist as well but wanted to get some advice from you all based on your experiences.
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- Rental Property Investor
- Durham / Raleigh (Triangle), NC
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@Wendy Lacey - My $0.02 is that you'll be required to take title in your personal name matching the name on the loan for the vast majority (if not all) Banks and Traditional Mortgage Lenders. Post closing you can then seek to transfer title to your LLC, but you should subtly take the temperature of your lender on doing so (some don't much care what you do after closing as long as the payments are being made). If so, try to avoid escrowing for taxes and insurance, as it makes the change more obvious to the lender.
But beyond that, don't get caught up on this. It is not the end of the world (as some would have you believe) to own rental property in your personal name (especially in a state like Florida with great homestead protection). Just get good insurance on the property and an umbrella policy from a reliable insurer that exceeds your net worth and sleep well at night. I didn't start using LLC's until I moved on from personal to commercial loans, and still own some of my properties in my personal name to this day.
- Jonathan Taylor Smith
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