Personal Transfer of Title Help

[Gary Fare]

All,

Thanks in advance to anyone who responds. I an currently holding 2, four unit multis in my personal name due to fees and some other factors inhibiting me from acquiring these via a commercerial loan/LLC. Has anyone had experience with transferring title from personal to LLC? My only reservation is the contingency in the note for there to be a due on demand provision. Any thoughts or insight on the best way to approach this would be appreciated. Thanks

[Rob Hakes]

@Gary Fare

I am trying to do the same thing with a SFH I bought out of state. One strategy that I have been mulling is to deed the property into a land trust first with myself as the beneficiary. According to Federal Law, the bank cannot call the note due if the property is being moved into a trust as long as the beneficiary does not change. This change gets recorded. Then once that is done you can change the beneficiary of the trust from you to an LLC, this change does not get recorded, but is still valid, leaving the LLC holding the liability if it hits the fan.

I am not an attorney.  Just a joe.  Clint Coons, an attorney who writes for BP has some really good articles and literature on the subject.  This is also the strategy that my local attorney is suggesting.