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Updated almost 3 years ago,
Refinancing a Duplex and Putting it into an LLC
Hello BP! I hope everyone is having a great week so far! I'm recently under contract on a duplex that I'm purchasing with cash. My name is on the contract as the buyer. My plan is to refinance but also put the property into my LLC. I have a few questions that I'm hoping someone can help answer:
1. Can I simply transfer the property to my LLC right after closing via quitclaim deed? Is there a waiting period?
2. If I transfer the property to an LLC, am I forced to refinance with a commercial loan or can I still do a residential loan?
3. Suppose I refinance with a residential loan under my personal name, and then transfer to the LLC via quitclaim deed. While unlikely, if the lender exercises the due at sale clause, then I would have to essentially rebuy the home and then re-refinance?
I'm really just trying to make sure I get the order of operations right on this. Any feedback would be greatly appreciated!