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Updated over 4 years ago,
California: How to convert rentals from Personal name to LLC
I have 2 rentals in California: one Single family and one triplex both in California. both properties are under my personal name. I am trying to learn different asset protection strategies using LLC. and Land trust. Any suggestions.
I have following questions:
- 1) California: How to convert rentals from Personal name to LLC or Land Trust ?
1.a) Deed: Should I use Quit Claim Deed or Warranty Claim Deed to convert rentals from personal name to LLC or Land trust? - 1.b) Do Deed has to be notarized?
- 1.c) Do Deed has to be registered with County as well?
- 1.d) Bank Account:I guess I will have to open separate bank accounts for each rentals whether its LLC or Land Trust?
- 1.e) LENDER: How to take care of Lender? Do I have to Inform Lender? Please guide me Process?
- 1.f) INSURANCE: Do I have to change Insurance? The moment I change Insurance , Lender will come to know automatically.
- 1.g) LEASE: DO I have to change rental agreement using addendum or change entire rental agreement?
- 1.h) LLC Vs Land Trust: Should I open LLC or Land Trust for each rental?
- 1.i) Do you use any websites to download Deed or create LLC or Land Trust? Any Suggestions?
- 1.i.a) www.uslegal.com
- 1.i.b) www.rocketlawyer.com
- 1.i.c) www.landlordology.com
- 2) Asset Protection Strategy for rentals:
- 2.a) Do you think creating 2 different LLC's for each property and then cover as part of Wyoming Land trust.
- Or
- 2.b) Create Land trust for each rental and open another Main Land trust in Wyoming and house 2 rental land trusts within it.?
- 2.c) What are the best name strategies for Anonymity while creating Land trust or LLC?
- Thanks,
- Milin