Updated about 4 years ago on . Most recent reply
Funding additional deals
In the market for properties 2 and 3. We own our personal home free and clear. We have a duplex also free and clear that is currently renting for $2k per month. Taxes and insurance are about $5k. The duplex was recently transferred to an LLC that my wife and I set up. We are retired and have not started taking social security or IRA distributions. Overall our personal expenses are pretty low.
The goal is to cash out about $250k from the duplex and use that to fund a couple more deals.
The fact the duplex is in an LLC seems to gum up the works a little on the cash out loan. Should we have cashed out prior to moving to the LLC? I know some lenders don't like to work with LLCs.
I am open to deeding the title back to my wife and myself, do the cash out loan and then move it back to the LLC.
Is there another alternative?
Mitch Hill
San Antonio