I've been interested in a strategy drawn out by @Andrew Postell utilizing a loan from your LLC, purchasing your rental property, then refinancing with a conventional lender. That was very simplified but basically when the lender runs title, they see that their was a previous loan thus bypassing the 6 month waiting period. My question is has anyone here been able to record a deed at the courthouse while being an out of state investor? Is this something that can be done online? Thanks in advance.
I've only drafted for and recorded in my own state, but I know title co's record or at least get it to the county electronically. Are you operating in a title co state? No way counties allow random people online to record stuff.
Language and customs of DofTs/mortgages vary by state, so make sure yours looks right. Call around to title co's and see if they can get this recorded for you. You may also be able to snail mail it to the county. My attorney does that. Include a check for the exact amount, payable to the xXxX county auditor (here). I'd call the county your property is in and ask the recording dept.
My title company will do this kind of work. Someone has to prepare the deed properly anyway (I'm assuming you are talking about the original LLC deed, since the bank will set up the closing docs to record their lien) so you might just as well have them record it as well. You might have to use a local notary for signing documents, wherever you are.
Thank you @JD Martin and @Steve Vaughan . Fortunately, I was able to get in contact with the county auditor. This is the route I'll be going with for now. Next time I'll be looking to expedite the process.
I didn’t hear the podcast, most are worthwhile, some give bogus info or skip over important details....
You'll be trying to get a "rate and term" refi, for the same loan amount as recorded. You may run into issues about it being an "arms length transaction" with Your LLC giving You a mtg.
Let us know how it turns out.
@Justin Young Four out of state I use a title company local to the property and they're able to record the note generated from your LLC or whomever during closing...easy peasy.