Updated over 10 years ago on . Most recent reply
How to cash out on a 3 unit owned by LLC
Hi guys,
I own a 3 unit under my LLC free and clear. I would like to use the equity to buy another property. What would you recommend as my best option?
1- Can I take out like a HELOC on an investment property?
2- Someone mentioned to me that you can't get a mortgage on a property owned by an LLC, and it needs to be owned under a personal name for 6 months before getting a mortgage. What's that all about?
Any advice on this would be greatly appreciated.
P.s. Please tag my name in your response. For some reason I only get notifications when a reply has my name mentioned in it. Thanks!
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Jon Holdman
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Conventional loans are available only to individuals, not entities. That's a fannie/freddie rule. So, properties owned by LLCs cannot be financed with a conventional loan.