All Forum Posts by: Shannon Grierson

Yes, my husband and I are 50/50 in the LLC ownership....

Thank you for your response...  I have been told my mortgage brokers that we cannot purchase from our LLC... that they don't distinguish between the LLC and our personal ownership of the property... therefore we can only refinance. The problem is that we want to pay back our partner and there is an issue with getting a cash out refi... We have a hard money loan and we owe money to our partner.  Can you explain a little more to me what the IRC Sec 707 is? I looked it up, but I don't really understand it.

Currently our LLC is on the deed for a rehab we are finishing up. We would like to purchase the home for personal use but need to cash out the market value to pay back investment into property. Does anyone know if we can quit claim deed the property into our partner's name and then purchase it out right from him? Would there be any red flags on this?

We have purchased a rehab property with hard money and a partner. The property is under my LLC's name. We were thinking of purchasing the property for ourselves for personal use instead of selling to a buyer. However, we need to purchase the property for a certain amount so we can pay back our investor, what we put in to it and the hard money loan. We were told that we should just refinance the house (since we already own the LLC) but we were unable to do a "cash out " refinance to get the full funds we need to pay everyone back. Is there a way to simply buy the house from our LLC like we are a real buyer? Refinancing won't work because we need the full market value. Thoughts on how to do this or if it can be done?

thank you for your feedback... I agree about the wholesalers... I am not seeing properties that need to be done and feel they are asking too much.  I just wonder if this area is tapped out and maybe too much competition?  I am interested in holding properties and renting them, but we wanted to flip some first. Our goal was to flip 3 hold 1, flip 3 hold 1.... but I feel so disappointed finding a deal.... we are very good at rehab so we aren't afraid of properties in bad shape. We live in Clearwater so we want our flips to be close to us for a while.

Hi fellow investors!  My husband and I got serious about flipping the end of last year. I got my real estate license and we got busy looking for deals. My experience was that finding properties that we could make a profit on were slim. I would put together my numbers based on comps and estimates, and then set a price we were willing to pay. Specifically auctions, the houses would go for way more than I felt fit into a rehab budget. I am surprised by how much more people were willing to pay and wondered how they would make any money.  I quickly got frustrated and we walked away from our dream of flipping.  I am a interior designer as well, so we started a curb appeal design business instead. That business is doing fine, but we still have the itch to flip houses.  I just wanted to get other flippers opinions on flipping houses in this area and if they feel there are still deals to be found here?