Trying to be creative.

[Jeff Miller]

So here is my Idea, maybe someone can tell me if it is a good one, or not.

I have a MTG on my current home, we have approx 40k in equity. I just inherited a 2 BR 1 Bath in Ogden,UT. It needs a little work to be rent ready, like 15k. I want to borrow against this property to get it fixed up and possibly buy another rental. Once repairs are done I believe I could get 1300 to 1400 rent.

I started an LLC and want the LLC to buy the property from me, I was wondering if that would work? Could I as the property owner sell my own LLC the property, and could I do a defered down payment for the 25% that most lenders seem to want?

Hopefully that all makes sense.

[Jeff Miller]

Quote from @Tom S.:

@Jeff Miller  So the property you inherited is worth $200k and you want to get a $150k loan on it?  Why not just get a cash out mortgage on that new place? 

I guess I have a tendency to make things as difficult as possible. Mainly I was thinking since it is not rented yet I may have a hard time getting a loan unless it was an investment property loan. I will apply to some local lenders and see where I can get going the cash out mtg route.