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Updated over 7 years ago,

User Stats

3
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0
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Jai Bilimoria
  • Investor
  • Phoenix, AZ
0
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3
Posts

Refinancing out of multiple member LLC

Jai Bilimoria
  • Investor
  • Phoenix, AZ
Posted

I own two rental properties in the Phoenix, AZ area and both are single family homes. My father and I both own the properties in one LLC called Property Enterprises LLC (50/50 split). We bought both properties in 2011/2012 and we chose to be "taxed" as an S Corp. Both properties are free and clear and with both combined there is about $450k worth of equity. I would like to do a cash out refinance and use the money to purchase a bigger property. My question would be, does anybody know of any residential lenders that would do this if the properties are in an LLC? If not, is it legal for me to transfer the LLC to my own name just to do the refinance and then transfer it back to the LLC? Also, does anybody know of any real estate attorney's or CPA's in this area who deal with real estate investors? Appreciate all the input in advance!! Thank you!

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