Real Estate Agent · South Orange, NJ · Member since 2014 · 26 posts · 5 votes
This may be a silly question but I am closing on a property in the next week or so in an all cash deal and was wondering about the viability of a different approach to the "BRRR" (BUY, Rehab, Refi, Repeat) method. As a W-2 employee with a strong base salary and credit, would I be able to buy the property from my own LLC and get a mortgage in lieu of a Refi if numbers get tight?
just to be clear, I plan to stay as an owner occupant long term.
Investor · Avilla, IN · Member since 2013 · 796 posts · 769 votes
9y
Getting a mortgage and getting a refi are essentially the same...you would be getting a mortgage when you refi.
If you want the property in your name you can simply quitclaim deed it to yourself.
Financial services executive · Frederick, MD · Member since 2015 · 609 posts · 341 votes
9y
For a variety of tax and legal reasons you're better off having your primary in your own name or in a simple living trust than in an LLC. Save the LLC for your investment properties. Congrats on your new home!!