All Forum Posts by: Chien Chen

Coincidentally, I posted the same question yesterday: https://www.biggerpockets.com/forums/50/topics/1146853-heloc... 

Hello BP community,

I have a rental property in LA under my LLC and I was thinking to tap into its equity for building an ADU in the backyard. The property was bought years ago so its loan is fully paid off already. From what's I've learned so far, most well-known banks won't provide HELOC for LLC but I would like to still double check if anyone knows any small/local lenders willing to do so? Otherwise, what would be other financing options if I were to borrow money for the ADU project?

Thanks in advance!

Hello BP friends,

My mother in-law (Non-US citizen, Non-US resident) owns a SFH in Los Angeles, CA and would like to transfer the property title to us. We plan to use the property as rental home instead of primary residence. Our current understanding is that doing so will trigger significant amount of gift taxes. We were wondering if anyone has similar experience and could recommend us a more tax-saving strategy? We heard that setting up a LLC+Foreign Trust might be one option but we still struggle to find any more information on how to implement it in practice.

Any suggestions would be greatly appreciated!