All Forum Posts by: Robert Hale

@Stephanie P. the situation we are facing is that the home could not be purchased with traditional financing, so we had to use hard money to make the purchase, like a flipper would.

The HML required the loan to be made to an entity rather than a person.

The tax problem I am concerned about is in selling the property to myself and triggering capital gains if I try to take cash out.

I am nervous of the tax implications of that move.   Its definitely a question for my CPA.  We purchased the home for $30K, and put $50K into the renovation.  I want to get cash out on the refi, and Upen Patel informed me that if we made the transfer the seasoning will begin at the time of the transfer.  Under that circumstance we would still be six months away from our pay day.  

I am stuck in this pickle right now. We rehabbed a Baltimore town home, and The HML says that I can't move the property out of the LLC to refinance, and the traditional lenders say I can't start the process to refinance until it is. If anyone knows a good commercial lender in Maryland that wants to work with me I plan on giving them a good amount of business this year.

I had the same insurance for years, and after looking at the slow increase in premiums over time they had doubled my premiums.  Call around and see what other offers are out there.