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Updated almost 3 years ago,
Rental property in Reno, NV, 300k in equity, looking to reinvest
BP rookie here I have a scenario that I would like input on if possible, I have a rental property in NV with 300k in equity still owe 280, current loan is with BOFA which was purchased as a secondary residence before I started my company, I tried to pull a HELOC through BOFA but credit is at 680. I would like to access equity through a LOC to reinvest into multifamily but through the LLC to build portfolio, the property is still in personal name. I would like to keep the property I'm having trouble seeing a clear path to take, any advice would be greatly appreciated.
- Source LOC in personal name and invest through company or transfer deed to company then source LOC?