All Forum Posts by: C. S.

I know that rules differ by state and county, but what I'm being told about refinancing a property in MD and transferring it into the members' name is that if I don't dissolve my LLC, I will have to pay state and county transfer taxes and state recordation taxes on the assessed value, and recordation and county transfer taxes on the refinanced amount. But maybe I misunderstood.

I would consider quit claiming it out and back in , but it seems like I would have to pay excessive taxes both times. For SC I know that the taxes would be minimal because the property didn't cost much. Both properties are owned by the MD LLC, which registered as a foreign entity in SC.

I feel like when I finish these two rehabs I'll be qualified to write a book about what not to do when investing in real estate. I already have a title - "Don't Try This at Home".

Does anyone know a lender in South Carolina willing to loan to an LLC that is less than a year old?

My husband and I are the only members. So, I would be transferring to my and my husband's name.

I'm considering transferring a property from my LLC to my name in order to refinance. If I decide to keep the property in my name instead of transferring back to the LLC, and sell the property while it's in my name, what are the tax consequences?

Is there a way to get around the transfer taxes? Is a quit claim the same as a transfer? Maybe I should post the second part of the original question in the Tax & Legal Issues forum.

If I decide to keep the property in my name instead of transferring back to the LLC, and sell the property while it's in my name, what kind of tax nightmares will I create? I am going to call a CPA.

What is the process and estimated costs associated with transferring a property from my LLC to my name in order to refinance? There is currently no mortgage on the Maryland property. Also, If I decide to keep the property in my name instead of transferring back to the LLC, and sell the property while it's in my name, what kind of tax nightmares will I create?

I think I read somewhere that the interest paid on a HELOC balance over $100K is deductible if it is used to buy a second home. I know I need to talk to my accountant, but I'm sure someone here has some input.

Can my husband's self-directed IRA loan money to our LLC?

Can somesome recommend an investor friendly insurance company in MD? I need construction/rehab insurance quickly.

Cynthia

I decided not to make an offer. Thanks for the info.