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Updated almost 13 years ago,
land trust and cash out???
i currently own 3 townhomes one of which is rented, and the other two will be shortly.I paid cash for all of them and own them free and clear. I have them listed as LLC . Iam told that i will need a commercial loan to cash out, due to the LLC status. I was wondering if i would be able to avoid a seasoning period and get better rates and terms if re listed them as "land trusts" as opposed to LLC'S. It was my hope to get the cash out on a 30 year term and have low pays that would easilly be done by the tennants. The homes were 52,500,61,000, 65,000, so 30 year mortgage on these is next to nothing, however a commercial loan would be different as im told, iam without a doubt a "NOOB" at this and im sure you can tell by my post, so bottom line , how do i cash out the quickest and on the best terms while protecting the asset ??? THANKS