How to extract equity - Posted by Greg

Real Estate Investing Real Estate Financing
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Posted by James on May 28, 2010 at 10:31:55:

Remember, if the LLc is less thann two years old, you’ll have to personally gaurantee the loans.

  1. I don’t think so.
  2. Read top statement.
  3. If you’re paying all cash, no problems. If getting financing, read top statement.
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How to extract equity - Posted by Greg

Posted by Greg on May 19, 2010 at 21:56:28:

Hi guys,

I have a single family house valued at about 290k and a mortgage of 195k, it is currently rented at monthly breakeven. I am looking to purchase multifamily property but need to find a way to extract some equity from this house. This house is under a personal name and I want to purchase under an LLC. Any help or suggestions on financing deals, extracting equity, or anything will be highly appreciated. Thank you.

PS Im a novice and lacking guidance. Anyone who is willing to offer advice please email me.

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Re: How to extract equity - Posted by James

Posted by James on May 23, 2010 at 08:14:34:

You could do a HELOC on the property for the equity. Then use the funds to help or buy the next property. You’ll have to purchase the next property in an LLC, yoy can’t repurchase a house you already own. You may be able to deed it to an LLC.

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Re: How to extract equity - Posted by Greg

Posted by Greg on May 23, 2010 at 21:39:05:

Thank you for the post james but I have a few more questions.

  1. if i deed the current property to the llc will the mortgage company require anything or would i need to discuss this with them?

  2. if i deed it to the llc would that give me the right to use it as collateral for lines of credit or loans?

  3. Do you know what are the financial requirements to buy property under an llc?

thank you