Is There A Preferred Source Among Investors For Transferring Property Into An LLC?

I have been scanning TCI's forms to figure out what is the best source for transferring property in an LLC. I know that some of you have recommended software programs such as Quicken, or legal books such as Nolo, while others have recommended paying a website to do the work, or hiring a lawyer.

I felt a little hesitant at first about taking the routes that some of TCI's readers recommended taking, but I am ready to give this advice more careful consideration after engaging the services of a (I thought to be) competent attorney and arriving at an impasse over the Due On Sales Clauses I had on properties I wanted to transfer into an LLC.

I am wondering now if there is a preferred source among investors for transferring properties into an LLC?

I am also wondering if any of these sources have successfully prevented lenders from using the DOSC to call their loans due when a property is transferred into an LLC?

Has anyone experienced having their loans called upon transferring their properties into an LLC that was created by a website or legal book?

Also, I am wondering if anybody has created an LLC through one of these alternative sources and sucessfully defended their LLC against a lawsuit?

Thanks in advance to everyone for their input; and especially, thanks to anyone who has had an experience they can share with me on this subject. smile

Comments(1)

  • Tedjr29th January, 2004

    You can create an LLC on line in Texas directly with the Sec of State for $200 . Probably can do same in Ca. You can transfer the deeds yourself and get the forms from Wallmark for less that $5.00. Lenders are not waiting at the court house to see what you do. There are ways to creat a trust too and let the LLC be the trustee or beneficiary and a bunch of ither legal things that may keep DOS cluase from kicking in. Unless you are in default no one even looks or cares is what I have been told.

    Good LUCK and Thank You
    Hope this helps some
    Ted Jr

Add Comment

Login To Comment