LLC Transfer Process

[Shivam Patel]

Hello Everyone,

I am actually relatively new to real estate, but my father actually owns 4 properties under his name. He wants me to take over the business and I have been following Bigger Pockets podcast to learn the business. I found from the podcast that some of the investors transferred their properties to LLC to protect themselves. Now I have a couple questions with the process. I asked my dad , why haven't we done this yet. He told me that the mortgage is under the bank and you cannot transfer to an LLC while its owned by the bank. Is this true? Or is there a way around it? What are other investors doing? Also I was wondering, why even put it in an LLC. Isn't business tax much higher than individual tax, especially since my father is retired. Please enlighten me on this topic since I'm a newbie, and want to learn the in's and out's of this business. I live in the southern area of New Jersey.

Sincerely,

Shivam Patel