LLC : ezLandlordForms

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Carissa T

started a topic over 14 years ago

I currently have 1 rental property. Should I establish an LLC? What are the pros and cons of this?

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Edward D

said over 14 years ago

Depends on what else you have to loose. One would not warrant an LLC where I live. It's exactly what it says, "limits liability". It's all about creating layers or veils. Legal action against you comes down to making someone else spend as much or more money than you have. Been there, done that. It has little to do with right, wrong.

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Donald G

said over 14 years ago

I have liability insurance up to 2 million dollars , I think that is all you need. ,a lawyer will appear if need be in my behalf, a person will sue if he is desperate if he finds the right thing to sue for , harassment is one but write to your tenant instead of calls, The best advice I can forsee is keep up your property and look for dangers rip carpets and light out.

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Justin R

said almost 10 years ago

When you say move you are speaking of selling the property correct. You would make that sale the same as you would a personal sale. You would want a real estate agent as they would know specifics of what you would need and you accountant for the LLC on standby by. These two sources would be able to help you the best and get you on your way!

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Beth C

said almost 10 years ago

No, I bought this rental property in my name last May. It is a rental property and I just setup an LLC. How do I transition my rental property to be owned by my LLC?

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Beth C

said almost 10 years ago

P.S. Thank you for your response! I appreciate the help.

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Bill L

said over 9 years ago

Simple. File a quit claim deed there is no sale that has to take place. You may pay around 35 in fees (depending on your town and local rates. Remember though when you purchased the property the title insurance was in your name. You "May" lose this and would need to file for it under your LLC name. I would strongly recommend that you do this.

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Derrick D

said almost 9 years ago

An LLC is what I have had my rental under for a number of years and it works great. I also know that I am protected, however I never did look into anything other than an LLC as it came to my as a recommendation.