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Updated almost 6 years ago,
Financing rental property
Hi bigger pockets family,
I am pretty new to rei. I currently have two properties I purchased with my personal heloc. I put the first one in my personal name and the 2nd one in the name of my llc. My plan was to do the brrr method buying with my heloc then doing a cash out refi in my llc's name.
I met with my cpa last week who told me it's a no no to buy property in the name of an llc with a personal heloc. He said I would have to first lend the money to my llc to buy the property then pay it back to my personal name.
Anyone have experience doing this?