Hard Money - Buy and Hold Mentality

[Moshe Bloorian]

Hello everyone, 

My name is Moshe and I am interested in buying a cash only property using hard money, rehabbing and doing a cash out refi to hold the investment. I understand that you need an LLC to get the hard money loan which isn't a problem. The problem seems to be that its hard to do a cash out refi under an LLC so you would have to transfer it under one's name because they require the indeed to be under an individual's name. What is the best practice without running into roadblocks to accomplish the buy and hold strategy. I really believe in it long term and I already have one multi family under my belt waiting to refi. Post this first deal I have about 50K left to spend on my next deals, that is why I want to use the hard money approach. 

Thanks for your help guys!

[Nghi Le]

You should be able to transfer title from LLC to your name when you do the refinance. This used to reset the seasoning period, but Fannie Mae recently allowed the time owned in your LLC towards your 6-month seasoning for cash-out refinances. If your loan officer says you can't do it... find another one.