Seller Financing with LLC's

[Nick Patterson]

Has anyone done this option for a multifamily.
Since banks will only refi on the purchase price, this is a loophole where you can try and obtain the property no money down..

1) Property is held in an LLC. You add your name to the LLC along with the seller.

2) Pay the seller monthly payments and take control of the property and day to day operations

3) Within a year or two refinance the property and pay off the seller the agreed upon price and take their name off the LLC. So now you own the property 100% with no downpayment.

Thoughts?