Refinance from my name to an LLC??? "I am sure BP can help"
Hello BP,
Our contractor is wrapping up the rehab on our very first BRRRR and I was wondering what would be the best way to get the property transferred from our names to our newly created LLC. We still have to refinance the property for its ARV, so I was hoping someone with more experience could answer the following (these may all be questions for the financial institution but I thought I'd ask since we are still looking for one:)
1. Would it be possible for the home to be refinanced for a mortgage under our LLC with the new lender, or would we have to do a quit claim deed and transfer before we refinance?
2. If we wanted to take a out a HELOC against the property, should it be in the under the LLC first or could the transfer be done during the HELOC process? We prefer to do a HELOC over a cash out refi.
3. The property was purchased this year, if we do a quit claim deed transfer, would this be considered a taxable event for federal taxes? If so, would it be taxable to the LLC or to us personally?
Thank you for you assistance, please feel free to PM me any recommendations.