Putting Properties into an LLC

[Alonzo Parker]

Hey Team what is the best way to put your properties into an LLC?

My wife and I have already created the LLC.

I had a home, she had a home then we bought a primary residence together.

Both the other homes are rentals.

Thanks!

[Benjamin Seibert]

@Alonzo Parker a lot of banks have the "Due on sale clause" in your loan. This essentially means that if the property changes hands (from you to your LLC) the total note amount could be called due. Most banks wont enforce this, but I have heard of it happening before. Now, if you own your property free and clear then all you have to do is contact a settlement company and they can transfer it. If not, I would contact the lender you went through with your bank and explain the situation. Many lenders will understand and give you their ideas and sentiment on it.