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Updated over 4 years ago on .

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Need to Cash out on a Buy and hold for monthly rental -- advice

Jeanine Peterson
Posted

We have a home in an LLC . We want to cash out of it and keep it as a long term rental,then take the money and do it again with another house. We Talked with Local Bank at the beginning of Covid and they indicated no problems with this. We've been waiting for loan processing and now we are all done and they say it need to come out of the LLC for the loan. I asked them to just do a personal guarantee. They said no. Somewhere along the line the communication screwed up. Now I've wasted 3 months applying with them. It appraised out terrific. Where do I go next ? I'd prefer to take advantage of low rates right now rather than hard money since it is a buy and hold. SUGGESTIONS ?