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Updated over 1 year ago on . Most recent reply
Best way to hold cash out refi funds prior to next acquisition
I am completing a cash out refinance on a rental.
The rental was previously titled in the name of my LLC, but I moved it back into my name for the refi. I have a bank account in the company name where I've managed all of this property's expenses.
Should I put the funds from the refinance into the existing company account, a new account in the company name, or one of my personal accounts? It seems like I'm going to have to finance the next purchase in my name, because it's an STR and I plan on using a vacation home loan.
Thank you for your help!
Most Popular Reply
Quote from @Steve Vaughan:
Quote from @Dave Kush:
The rental was previously titled in the name of my LLC, but I moved it back into my name for the refi.
Should I put the funds from the refinance into the existing company account, a new account in the company name, or one of my personal accounts? It seems like I'm going to have to finance the next purchase in my name, because it's an STR and I plan on using a vacation home loan.
Personal money market or true HYSA paying 5%ish.
Then make sure your title insurance and hazard insurance are still in effect. Every time you quitclaim back and forth it weakens your title chain and your insurances.
That's a great point about insurance. Thank you