Posted on: 30th Apr, 2010 09:42 pm
I own a home that is now a rental property, I was wondering if I could transfer it to LLC. I have about 70% equity in it. I wanted to takeout most equity when I do transfer to LLC, is this possible ?
Hi parekhp,
As far as I know, you will be able to transfer your LLC into a revocable trust. You may be able to take out a loan using the property as a collateral and then transfer it to the trust. You can contact an attorney and he will help you in transferring the property into a LLC.
Thanks
As far as I know, you will be able to transfer your LLC into a revocable trust. You may be able to take out a loan using the property as a collateral and then transfer it to the trust. You can contact an attorney and he will help you in transferring the property into a LLC.
Thanks