Refinance & HLOC for next property?
I would be super grateful for your thoughts, advice I essentially need to refinance and get a home equity loan, but I am wondering about the best way to go about doing it:
Situation: I have a 3-unit property with a monthly PMI (600) & equity of around 230K (I owe about 600K, and similar properties are selling for 830K). I have an LLC which I use to conduct business related to the property, and the property title and loan are currently in my name. I intend to use the Home Equity Loan to get another property.
Questions:
1) Is it better to re-finance the property and keep it under my name or refinance it and transfer the loan to the LLC. If its under my name the home equity loan will be under my name, but if I refinance as an LLC, then the home equity loan (if possible will be under the LLC).
2) Can I still claim the property as my primary residence if I refi under the LLC? I live in one the three units