Cash Out Refinance in LLC with Private Money Lender - Can I draw my equity out

[Patrick Schmidtlein]

I purchased a single family property in cash last year and am considering a cash out refinance.  I have a private lender that is showing me a 30 year fixed product that would cash out 75% of the property value. 

If I cash out refinance in LLC, can I move the money to my personal account as a equity draw without any tax implications or piercing the LLC veil?

[Account Closed]

Quote from @Patrick Schmidtlein:

I purchased a single family property in cash last year and am considering a cash out refinance.  I have a private lender that is showing me a 30 year fixed product that would cash out 75% of the property value. 

If I cash out refinance in LLC, can I move the money to my personal account as a equity draw without any tax implications or piercing the LLC veil?

Do you have an Operating Agreement? If not, your veil is already pierced.

Do you FOLLOW your Operating Agreement? If not, your veil is already pierced.

As for taxes, it depends on whether you are a single member or multi-member LLC and how you elect to be taxed that will answer that question. Talk to a local CPA who understands real estate investing and taxes. It's more than an "off the cuff" response from a random guy on the internet that you need.