Hi, just purchased a property that I am going to fix rent and hold for 5yrs or so for 34k. Used HELOC and want to refinance it to lock in rate. Just started LLC and did not purchase property under LLC, but in our names. Should we put the property in LLC then refinance or do you have to refinance first then put it in LLC? Also, will fix up some should I get it appraised or will they do that with refi? Want to check into getting some cash for next deal when I refi. ls there a waiting period to refi? Graciez
It shouldn’t be too hard to do. Did you document and save receipts for the rehab? You can go off a new appraised value if you did. As for the LLC, you should refi in your names and then change to LLC. That will open up the amount of lenders for you to use.
Thanks, I kind of thought that might be the way to go, but wasn’t sure. We are in the process of fixing up now so will make sure to keep good records. Graciez
This is great advise.
Listen to ShaunG 8)