Modifying a Lease to Facilitate a Cash Out Refi

[Dustin DuFault]

Team BP,

I acquired a property via foreclosure auction with cash in the name of my LLC. For a variety of reasons, not the least of which is access to financing, I have decided to move the property back into my personal name (well, my wife and I).

My plan is to have the title switched to my personal name when we record the mortgage with my financing company. I've already looked into it with them and they are agreeable to that arrangement which will save some recording fees. What I need to find out now is how should I handle my current tenants lease that is signed with my LLC? Can she continue to hold the lease thru the LLC, with me just doing a low-cost leaseback to the LLC in my name? Is there another way this should be handled?

Thanks!

Dustin

[Bill Gulley]

Assign the lease from the LLC to you and the wife. File the assignment, not the lease. Better would just to make a new lease. Need to do something as you could have host of issues. :)