Can I buy a property from a LLC in which I own.

2 Replies

I thought about this while analyzing a property I am about to acquire. I am partners on a property in which it will be in my LLC. My goal is to get rid of the property as fast as I could because this is my 1st deal. I could refinance to pay the lender back and have capital to move to the next project. However if I do that I don't want a partner on the deal with me. I would rather purchase the property after renovations then split the capital with my partners so I can keep the property as my 1st rental. Someone point me in the right direction.

You would need to seek legal advice however the best course of action would more than likely be to refi the property after the rehab is complete and have a buyout agreement in place drawn up by your lawyer to be signed at closing.

The new loan will still be in the entity name with you being the sole loan guarantor. Find a good RE attorney to consult with and to get the buyout done properly

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