Mortgage Establish Question

[David Sumner]

This is a bit of a newby question so please be gentle. :)

If I purchase an investment property with cash. What is the best way to get a mortgage in place for that after I own it? HELOC? or is there a way to sell the property to myself (or to my LLC) and get a conventional 30 year mortgage in place?

[Daria B.]

Originally posted by @David Sumner:

This is a bit of a newby question so please be gentle. :)

If I purchase an investment property with cash. What is the best way to get a mortgage in place for that after I own it? HELOC? or is there a way to sell the property to myself (or to my LLC) and get a conventional 30 year mortgage in place?

Talk to one of your local banks to find out how long they require (if) before you can pull money out, hence refinancing to pull out the equity. I wouldn't do a HELOC because you can find better terms with fixed rates rather than variable rates (HELOC).