Moving a property into LLC

[Douglas Rice]

I’m in Texas and just closed on a flIp house in my personal name because my partner and I could it form our LLC in time for closing. How exactly do I go about moving the property into our LLC. We paid cash and used a hard money lender to close. Thank you in advance.

[Michael Plaks]

@Douglas Rice

You referred to this property as a "flip house." I interpret it as you intend to sell it as soon as it is rehabbed.

In this case, there may be little benefit of temporarily transferring this property into an LLC. Even if there is some important legal protection benefit (I cannot say, not being an attorney) - you have to compare this benefit against the hassle you are likely to face with your lender and your insurer.

If it was a rental property, then yes, transfer would be the standard way to go.

If you do decide to transfer, then read this article by a well-known Houston attorney, David Willis. He wrote a bunch of other very helpful articles, all available on his website.