Posted by Sharon on September 13, 2003 at 09:02:45:
Hi Stephen,
Someone else had this very same question not too long ago on the “main newsgroup”. You can do the one of the following:
Transfer title from your LLC over to you, and refinance. After you refinance, then transfer title back over to LLC. Get a real estate attorney to help with you this that understands what you’re trying to do, or a good mortgage broker that works with a lot of real estate investors.
Try getting refinance with a lender that doesn’t have a problem with “seasoning”.
Sorry this is about the best advice I can give you on the subject.
Good luck to you.
Sharon Jones
Real Estate Investor
St. Louis, Missouri
Please Help I need advice on this deal! - Posted by Stephen
Posted by Stephen on September 10, 2003 at 13:58:11:
Here is the deal: I purchased a duplex with funds from a private hardmoney lender who allowed me to take title under my SMLLC (I personally signed for the loan). I currently have $40K invested in this duplex which has now appraised at $75K. I know that I can sell the property and walk away with at least $30 profit. The thing is the property is fully rented and producing $450/month in profit and I would like to retain ownership. My question is can I personally obtain a mortgage and buy the property from my SMLLC? This would allow me to maintain ownership and depending on my loan amount allow me to repay the short-term loan of $40k to the hardmoney lender and pocket anything above that amount. It sounds like the best of both worlds but I don’t know if it is possible. If so PLEASE let me know how to do it. Or is there another way that I could pull money out of this property, I am concerned about seasoning.