Re-title to LLC and Refi timing

[Christopher Braga]

Hi All - 

Last year I purchased a Beach House in NC, we renovated it and are renting it out very successfully. Purchased for 410k; 40k down and 60k into reno's. Recent appraisal to remove my PMI valued us at 580k. Napkin math has a refi with 80% LTV able to pull out just shy of 100k. I'm pursuing this separately (looking into some of the biggerpocket lenders, recommendations welcome). But my real question is this, is there any "got-cha's" or strategy involved in the timing of the cashout refi AND moving the title from me to an LLC?

Thanks

Chris

[Meridith Wardle]

I'm in Minnesota and the laws & regulations vary by state. That being said...I had an investment property that was in my name. I wanted to take out a HELOC (with a local credit union using a commercial lending product) and during that process the lender worked with the title company to re-title the property into my LLC. It was pretty simple. I got the HELOC and bought another 1 or 2 properties with it.