Linden, NJ · Member since 2016 · 13 posts · 0 votes
What's going on PB community!!
I have a specific question to my situation
I am buying a property for 100% hard money, under my LLC.
I want to transfer the property from my LLC to my name and I want to mortgage the property and live in it.
What is the best way for me to proceed.
Thanks for all the support!!
Rental Property Investor · Atlanta, GA · Member since 2016 · 325 posts · 253 votes
8y
This process is an easy one if it is paid for (free and clear) then see real estate lawyer to transfer it using quit claim deed but you may also need to an accountant if you held it in LLC for a while to see how to take distribution (return of capital etc.) and how to deal with depreciation. May some CAPs on the forum comment on this.
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
8y
Quit deed is the quickest and easiest way to do this. However, you will need to check with your hard money lender. They have very strict policies about transfer of ownership, and may call the note due immediately. So, you may need to pay it off prior to doing a cash out refi with a traditional bank, or at the very least, tell the hard money lender what you are trying to do and get their blessing for the transfer.
Most hard money lenders are easy to work with as long as they know what you are doing or looking to accomplish. They know they are only the temporary solution.