Hoboken, NJ · Member since 2015 · 15 posts · 4 votes
Which is easier?
3 national banks said they won't do as an LLC DUE TO THE fact that it's a rental property.
Question....,,
Keep property u. My name and do a cash out refi to buy new property?
Or transfer it into A new LLC THEN TRY TO GET THE CASH OUT?
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
10y
The issue isn't that it is a rental property. The issue is that it is an LLC which requires a commercial loan. If you own properties in an LLC it is harder to get financing.
The problem is many mortgage brokers don't even understand that themselves. You could go into a bank and the "mortgage" guy will say you can't get a loan in an LLC. But in the office next door the commercial loan dept makes them all day. It is like two totally different channels of lending that don't talk to each other.
Investor · San Jose, CA · Member since 2011 · 355 posts · 90 votes
10y
Sounds like the property is already in your name, so it's probably easiest to just leave it that way and try to do the refi. Why are you considering an LLC for this? Most likely that just makes it harder for you.