Updated over 8 years ago on .
SWITICHING TITLE OUT OF LLC
So I spoke to a lender last night who offered me a "solution" to my current situation.
Portfolio stands at : (1) free and clear 3/1 single family in Camden NJ -- in the last stage of BRRR, so looking to get the cash out.
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(1) Duplex that is tenant occupied with an FHA mortgage on it. Purchased in 2015, did a streamline refi in early 2017.
The game plan would be to refi out of the FHA into conventional so I can buy another multi-family with an FHA loan while pulling the cash out of my Camden SFR.
The reason I need to change my ownership of SFR from my LLC to my personal name is because this is what my lender is advising me to do since it would be hard to get the cash out in an LLC in Camden (one of Americas most dangerous cities).
I have too much cash out there that I need to clear up therefore I need to pull the cash out the unit.
Any suggestions, concerns or criticisms, yes criticisms, iron sharpens iron right?