I paid cash for a home in my the name of my LLC. I'm going to use zero interest credit cards and my HELOC to rehab it. I want to refinance into a traditional mortgage in order to pay off my cards and HELOC and go after the next house. I've been told by a mortgage broker that I won't be able to get a traditional mortgage in the name of my LLC. It has to be a personal loan.
Is there a way to refinance and keep the home in my LLC and not my name?
If I put the loan in my name, would that be considered a sale? In other words, would my LLC have to pay capital gains tax?
How do people normally use the BRRRR strategy? Do you normally just put the properties in your name to begin with?
I'm not an attorney, but why can't you just quit claim from your llc to your name and refinance and then quit claim back. There is the risk of the due on sale clause but it seems like no one is really concerned about that. If your LLC is a single member and you quit claim to yourself, you don't have to pay capital gains as you didn't sell it. People move property into llc and out of llc all the time, I don't think people are paying capital gains on that.
Or talk to a commercial bank and get a commercial loan once the prorperty has been seasoned. There seems to be no shortage of lenders in the world right now.