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Updated almost 8 years ago, 02/28/2017
Selling a home back to your LLC
Dear BP Members,
I purchased a home about 1 1/2 years ago from an LLC that I am a member of using a promissory note to the LLC. There are 2 other members of the LLC and the home had no mortgage on it (owned outright by the LLC). I am moving and want to sell the home back to the LLC for the same amount that I purchased it from the LLC for (no upgrades etc. we're done to the home). What would be the best way to structure this deal to get the home back into the LLC and get my principal back from the amount that I've paid down on the promissory note? The members (including myself) would like to take out a mortgage on the property (i.e 30 year since the interest rates are so low) to pay the money owed to me, but wasn't sure if this would even work (not sure how a mortgage company would view the promissory note). Any advice would be greatly appreciated.