Updated over 10 years ago on . Most recent reply
Info. to bring to lender
I bought a townhouse in 2011 and converted it into a 3 unit multifamily using personal credit. Based on quick comparison with similar properties in my neighborhood, the property is now worth about 850K, and I owe 590K on it. I wanna get another property but my personal credit is all tapped out. As a result, I want to 'sell' the property to my LLC, so that I can free up some personal debt and then get another property to flip. The LLC makes about 105K/year (I have 3 years worth of tax returns, and leases to support this) from rents of the four units under my name. I charge the LLC $1/year for leasing the properties from me. Is it at all possible to sell the property to my LLC? What kind of documents do I need to bring to a portfolio lender for them to consider this deal? I was going to bring (1) 3 years of tax returns (2) valuation of the property (3) some rehab before and after.