LLCs vs Individuals and financing/refi

[Michael D. Menesses, Jr.]

Rookie investor about to buy 1st property in Louisiana. Please correct anything below that seems incorrect, or misunderstood. I’m trying to see big picture, beyond this first door, so I don’t lock myself out of more purchases while paying this first one down.

I've read a bunch telling me to definitely use an LLC to limit personal exposure. I get that.

I also know that banks are reluctant to lend to an LLC vs an individual. My agent and broker tell me that I can acquire financing and purchase as an individual, then the property can be swept into my LLC @ closing. Ok.

Let's say I do a 90% LTV cash out refi on a property held by my LLC. Does that money go to the LLC? To me as income? How do I get from the first to the second property after the refi, and how does the LLC effect that?

I guess my question is: How would I move money between the LLC and myself to make more purchases, and how would that not be co-mingling of funds and allow piercing the corporate veil?

I understand the idea of BRRRing properties, but I don't understand how to advantageously use an LLC in the strategy.

If this lacks clarity, please excuse, and ask what you need to know. Any and all advice is greatly appreciated.