LLC to Primary Residence

[Account Closed]

Hello all, I purchased an off market property into my LLC's name. I initially had the intent to flip the home, but I am now thinking about living in there and eventually renting it out after a year. My renovations are around 80% completed at this point. The LLC is owned only by me and I'm looking for what is the best route to take to pull cash out of the property and make it my primary residence. I assume that it needs to be appraised for any option I can go with.

My questions are:

Can I purchase the property off of myself with 5% down and make it a primary residence? If this option is available I would prefer it, because I only use 5% of my money.

Can I do a cash out refinance of the property and take 80% equity out of the property and still make it my primary with 20% in equity?

Do I need to first Quit Claim into my name before I do any refinancing if that's the route that I go?


*The house does not have financing on it currently.

Thanks in advance for everyone's help.

[Will Barnard]

Sounds like you need to have a conversation with your CPA (and perhaps RE attorney) to discuss your options. You could quit claim to your personal name and then cash out refi into a loan, transferring your insurance policy to your personal name (which will be a lower policy premium for owner occupants). Speak to your CPA regarding how to close out the LLC (unless you intend to use it to buy additional properties to hold).