QCD property from LLC to name

[Nathan Frost]

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

[Chris Seveney]

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

[Nathan Frost]

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

Original Note - is my LLC

I agree with you.  I have an investor here who has like 50 properties in his name.  And he has never been sued.  And the old adage is to get them in an LLC (LLC Series / which complicates leases and stuff) is not necessary.  Insurance covers a lot of that.  I use to be sold on the Umbrella policy but then you have to up all your insurance premiums to meet the Umbrella policy which kills your cash flow.

[Nathan Frost]

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

I am still stuck though.  Which is the better route?  Move all properties to my LLC which I did in early 2024 and keep them there.  Then apply May 2025 for HELOC on primary.  Or move the 2 in Oklahoma to my name and apply for the HELOC after 90 days?

[Chris Seveney]

Quote from @Nathan Frost:

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

I am still stuck though.  Which is the better route?  Move all properties to my LLC which I did in early 2024 and keep them there.  Then apply May 2025 for HELOC on primary.  Or move the 2 in Oklahoma to my name and apply for the HELOC after 90 days?

 what are you using the money for? If it is a killer deal and you need it now then figure out how to get it now, if its a "just to have", then no right or wrong answer. 

Just realize that if you buy real estate with a heloc, be careful as now you are basically leveraging existing assets for new assets and many times people get over levered and in trouble in those scenarios.

[Nathan Frost]

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

I am still stuck though.  Which is the better route?  Move all properties to my LLC which I did in early 2024 and keep them there.  Then apply May 2025 for HELOC on primary.  Or move the 2 in Oklahoma to my name and apply for the HELOC after 90 days?

 what are you using the money for? If it is a killer deal and you need it now then figure out how to get it now, if its a "just to have", then no right or wrong answer. 

Just realize that if you buy real estate with a heloc, be careful as now you are basically leveraging existing assets for new assets and many times people get over levered and in trouble in those scenarios.

 Really, I don't need it immediately but want it for a nest egg/emergencies/vacancies.  Maybe repairs so I don't have to use my current nest egg for any vacancies.

[Nathan Frost]

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

I am still stuck though.  Which is the better route?  Move all properties to my LLC which I did in early 2024 and keep them there.  Then apply May 2025 for HELOC on primary.  Or move the 2 in Oklahoma to my name and apply for the HELOC after 90 days?

 what are you using the money for? If it is a killer deal and you need it now then figure out how to get it now, if its a "just to have", then no right or wrong answer. 

Just realize that if you buy real estate with a heloc, be careful as now you are basically leveraging existing assets for new assets and many times people get over levered and in trouble in those scenarios.

Is this possible? Quit Claim Deed my 2 Oklahoma properties to my name. Wait 90 days. Apply for the HELOCs. Get them going. Then after that quit claim deed them back to my LLC. Then apply for the HELOC on my primary residence in Texas since everything will then be back in my LLC name. Will this work?

[Jay Hurst]

Quote from @Nathan Frost:

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

I am still stuck though.  Which is the better route?  Move all properties to my LLC which I did in early 2024 and keep them there.  Then apply May 2025 for HELOC on primary.  Or move the 2 in Oklahoma to my name and apply for the HELOC after 90 days?

You need to ask the lender themselves. HELOC are generally balance sheet meaning the loan is held on the lender's book, not sold into the secondary market. So, the lender will make their own rules so what we tell you might not be the right answer for them.

[Jay Hurst]

Quote from @Nathan Frost:

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Quote from @Chris Seveney:

Quote from @Nathan Frost:

Hi, how can I go about quit claim my property from my LLC to my name so I can get a heloc on it?

It has been in an extremely frustrating two weeks. I have a 100k equity in my primary and can't get a HELOC because the rentals are under my name not all of them.

So then on the 2 in Oklahoma, which are under my LLC, and can't tap into 50K equity. They say no, because they are not in my name.

So how can I quit claim deed from my LLC to name ad then back once I get the HELOC? Or Business LOC?

 You can quit claim them very easily. Just get a title company to draft it.

Some questions I have are: who is on the original note? 

After you do this, it still does not mean you will qualify as they will only go to a specific LTV, you cannot take all of it. Just be aware of this.

For everyone else reading this, another reason why you should really rethink moving a property into a LLC. UNless you are running a full fledged business, in most instances (which still have not heard from someone how you could be sued) insurance is all you need.

I am still stuck though.  Which is the better route?  Move all properties to my LLC which I did in early 2024 and keep them there.  Then apply May 2025 for HELOC on primary.  Or move the 2 in Oklahoma to my name and apply for the HELOC after 90 days?

 what are you using the money for? If it is a killer deal and you need it now then figure out how to get it now, if its a "just to have", then no right or wrong answer. 

Just realize that if you buy real estate with a heloc, be careful as now you are basically leveraging existing assets for new assets and many times people get over levered and in trouble in those scenarios.

Is this possible? Quit Claim Deed my 2 Oklahoma properties to my name. Wait 90 days. Apply for the HELOCs. Get them going. Then after that quit claim deed them back to my LLC. Then apply for the HELOC on my primary residence in Texas since everything will then be back in my LLC name. Will this work?

and why is your primary home in a LLC? SO much time and effort wasting on LLC's!

[Najeh Davenport]

So this is very Interesting I recently purchase 4 properties in Alabama area and I now have to wait 30 days before I can quit claim them into my company name. I'm BRRRR 3 of the 4 properties so I was thinking on pulling that money back out to finish the work. But from this thread i'm assuming I should wait until that refinance is complete? thanks in advance

[Kyle Eisenbarger]

Are there tax implications for doing a QCD from SMLLC back to personal name?