Tapping into equity on my property that is under an LLC
When I first started investing in real estate, I always read that you should have your properties in LLCs to protect your personal assets. Now that I have some equity built up and want to pull some using a HELOC to purchase my next property, no one will work with me because the property is under an LLC. How are other investors leveraging their equity for new deals? Do you keep your properties under your own name? Trying to create a plan to get into another property without using my own cash or refinancing. Thank you!
Most Popular Reply
@Vinny Muli - it is VERY hard but not impossible to get an equity line of credit on a non owner occupied property. I'm doing one right now. You can get something called a "Guidance" Line of Credit. I've found the easiest solution is to have a really strong banking relationship and then they will be able to provide non-standard offerings. The problem is that they do not usually give this to new people and/or people that do not have big amounts deposited into their accounts.
I'm also CT based. DM me if you are interested in talking about this more.