Can you sell a rental property in your name to your LLC?

[Jason Clinton]

Hey BP,

I have a rental property that I own free and clear in my name that I want in my LLC's name with a mortgage. What is the best way to go about that? I can't really do a cash out refinance since the property is only worth about $45,000 and most lenders (that I've found) wont lend less than $50,000 for a cash out refinance.

I figured I can just sell the house to my LLC and get a mortgage in my LLC's name. I know I'll have to put money down and pay closing costs again but how else can I pull money out of this property?

Any thoughts would be greatly appreciated!

Thanks,

Jason