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Updated about 8 years ago,

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1
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Sergio Gamboa
  • Real Estate Agent
  • San Antonio, TX
0
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1
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How to refinance out of LLC owned property to personal

Sergio Gamboa
  • Real Estate Agent
  • San Antonio, TX
Posted

hi this is my first post on here. I've followed the site for a while and was alway able to find my answer through someone else's post, but this one is a bit tricky.

I purchased a home that I intended to flip through my LLC with a hard money loan. Once we got going we ended up finding a break in the sewer line in the foundation and an active water leak. So long story short the projected profit turned to 0. Now I want to hold the property instead of sale. How would I refinance out of it? Loans with an LLC are pretty difficult especially with it being 9 months old. Can I jus write up a contract with all my costs buying it from the LLC? The house is in Texas. Any help would be appreciated

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