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Updated over 5 years ago on . Most recent reply
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questions about the refinance of my house hack
Hello fellow investors hope all is well, I recently purchased my first rental property/House hack (Will be my primary home ) . I purchased the property using a hard money loan under my llc (purchase price 80k , Rehab 35K) currentl HML $115k, i did have some unforeseen expenses come up and I will have to come out of pocket $20k to cover these expenses overall i'll be all into the property at $135k. The house will easily appraise for $180k-190k My question is for the refinance part. Am I able to purchase the property from my llc using a traditional 30 year loan under my name ? thus allowing me to refinance out of the HML, get my cash out without having to wait for the traditional 6 month seasoning period?
(example: 115k owed from HMl , Additional 20k of out pocket expenses, all in at 135k, purchase the property from the llc at $150k (check of the difference to be cut to the llc once HML lein is payoff )
Any feedback will be greatly appreciate it.
Thanks y'all