Seeking Advice on Transferring Rental Properties to an LLC

[Jim Carey]

Hi Everyone,

I'm new to BiggerPockets and looking for some guidance on managing my real estate portfolio. I currently own 9 long-term rental properties, all under my name. I'm considering transferring these properties to an LLC to facilitate further property acquisitions, as banks are limiting my lending due to exposure.

I've heard that setting up a Holding LLC to own the properties and another LLC to operate and lease them can provide an added layer of protection. I'm also exploring the option of hiring an attorney or title company to assist with transferring the deeds. Most of my lenders seem open to allowing the transfer of mortgages to the LLC once it's established.

Does anyone have experience with this process? My goal is to start purchasing properties directly under the LLC. Any suggestions, step-by-step guides, books, or resources would be greatly appreciated.

Thank you!