Are people using an LLC to BRRRR?
As someone who is interested in proceeding with BRRRR, I am curious to find out what people are generally doing in regards to property ownership (deed) on initial purchase and refinance. I was of the thought that to asset protect (especially during the rehab period) one would want to have the property deeded to their LLC, rather than their own name. However, while watching Clint Coons YouTube videos, he had recommended that it remain in the name of the owner. The claim (if I understood it correctly) was that Refi with a bank would not be possible. So if this is the case, are people purchasing in their own name for initial purchase, rehabbing, refinancing and then placing it in an LLC? By this convention, if in another few years, if the value goes up, would the options be: Place the property back in your own name, refinance and then put it back in the LLC again?
I'm not sure of other states, but in some states, they charge upwards of 3% of the purchase price of the house *each* transfer of deed. That would be a deal killer, I would think.
Could someone please provide input and/or correct any logic errors? Thanks!