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.
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