I would appreciate some guidance in developing a strategy.
I've purchased 5 investment properties over the last 4 years. All single family, two or three bedrooms, in good areas. All mortgages are in my name.
At the same time, I created an LLC with two partners. Currently the LLC is used for managing the operations.
My partners and I would like to increase our holdings. One idea is to sell the houses and 1031 our profits into more valuable properties. In this model, we would like to establish the ownership of new properties under the LLC.
Another idea is to refi the houses (they have appreciated ~30%) and use the cash to purchase additional property.
And then there is the third option - to sell and use whatever profits remain.
If you have good debt on the houses... then I would do my best to keep that in place. It is hard to get 30yr debt on income property.
I am a little confused.... the mortgages are in your name and you only on 1/3 of the property?
267‑573‑9506 | http://goodvibesrealestatesolutions.com
Yes, it was hard to get all of the loans - especially the 5th.
The mortgages are in my name, correct. None of the lenders were willing to transfer them into our LLC. My partners and I through personal agreements originally split all of the purchase costs and later the rental expenses and profits - which are managed in the LLC.
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