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Updated over 4 years ago,
Buying a duplex I own, with my LLC
I have a duplex with 266k left on FHA 3.5% mortgage and 30k HELOC. It's currently valued at least 400k. I'm looking to consolidate the two for two goals for more cash flow:
1) Eliminate PMI (approx $200)
2) Eliminate HELOC interest payment (approx $150)
All banks I have called need at least 30% LTV, none with 20-25%.
I'm trying to think creatively here and wondering if I can create an LLC and essentially buy my own property for 296k. This will accomplish my goals above and also the liability perks with an LLC.
Curious to see if something like this is possible, OR, if anyone has other suggestions to my goals above.
Thanks!
Ben