Can an individual buy a property from their own LLC w/bank funds

4 Replies

If an individual is approved for conventional bank financing, can I then buy a house from my own LLC for purposes of eliminating private money lender?

Sure. However, make sure to speak with your CPA before doing so to avoid any tax traps or unintentional gifts. You also would want to have a qualified appraisal of the property performed to set the transaction price.

@natelya g

Understand the transfer taxes, or stamps, that states/counties charge on sales, as you will be paying both sides. 

I don't know if that's possible. That would be a refinance not a purchase. If own the LLC then you already own the property. I would ask the lender who approved you for the conventional financing that question. I think they would see it as a refinance too.

Good luck!