Updated almost 5 years ago on . Most recent reply
Cash Out Refi on Rentals
Hello - I recently moved 3 properties out of my SDIRA so that we could take advantage of the tax benefits. These houses are currently deeded to my husband and we own them free and clear. We are looking to take advantage of the low interest rates and do a cash out refi on each of them. In talking with some banks, it became clear that they would only refinance them if they were in a person's name....not an LLC. We had created a single person LLC to eventually move the properties into. One bank said we could move them to the LLC after we closed on the loan, but most said that they'd have to call the loan if we moved them to the LLC. Can someone help me understand this? Also, if anyone has made a move like this, how did you handle it? Thank you!