All Forum Posts by: Juliet Burry

Yes, Jon, and thank you for your reply. Asset protection is the reason for opening the LLC. I decided to go ahead and speak with the lawyer. I learned that the reason the price is high is not because of the cost of the LLC but rather paying the doc stamps to the Fl department of revenue which is $7/$1000 of the mortgage. The idea is to protect my other assets in case someone gets hurt on my property and decides to sue me since I am the owner. We also discussed the possibility of having umbrella insurance policy, which I am considering as well.

Oops...sorry. Jon. My bad.

Very interesting John. I guess you can't believe everything you read. Thank you for the very helpful information.

I have also set up an LLC in the past in FL entirely online, but I have a mortgage on this property and I have read that when transferring property from my name to an LLC it is a transfer of ownership. Because of this, the mortgage must also be transferred and the ownership changed in the court books. I called my bank that owns the mortgage and they had no ideas for me regarding how to perform this transfer myself after setting up the LLC myself. They told me to call the courthouse. This led me to believe that it would be best to use a lawyer and that is why I wanted to know how much I should expect to pay. I have been told $2000. This seems high but I don't know how many hours are involved. Also, if a lawyer has to go to the court to do something they typically charge high amounts....I just want to know if $2000 is in the right ballpark.

Thank you to all. I appreciate your input.

Hello,

My name is Juliet and this is my first time on the discussion board. I have a property I am renting and I have been advised by my accountant to place this property in an LLC. I have a mortgage on this property. Does anyone have an idea of how much it should cost to create the LLC? I have been referred to a few lawyers but I think they tend to overprice their work. Thanks for any help.