All Forum Posts by: Georgeos Partheniou

 I am now confused. You are the one that started this whole post asking "Can I personally take that extra finance money tax free into my own name or personal bank account to do with what I please, or does the refinance money have to stay in that Llc company and I cant use it personally." and now you are telling others that are answering the question that they are wrong and that you know the answer. 

FYI @Jay Hurst is correct. Moving money from your LLC to your personal name is not a taxable event. When you file the taxes they look at what income the property/LLC made. Now if a corporation (not LLC, I am talking about Inc.) pays money out to individuals that is income to the individual thus a taxable event. If your LLC is just you or you and your spouse then most likely it is considered a pass thru entity and thus the IRS basically ignores the LLC and it is just considered all you.

 You do not pay taxes on proceeds from a refi. That is not income or a taxable event, but just return of capital. You pay taxes when sell the property.  

It's very easy to open a business account with your bank in the name of your LLC. Then that money would be available to the LLC to use for other (work related) projects.

LLC's are pass through entity. You pay the taxes on your personal return.

You can do what every you want with a single member LLC, just basically means any competent attorney would easily "pierce the corporate veil" of the LLC in case of litigation.

Good question... I'd like to know too. Thing is, we can't get ANYONE to loan us ANYTHING this past year! 

We've stalled at 3 properties. They are all in a separate LLC (although any creditors looking can see 2 of them in our personal name). EVERYONE has said we aren't making enough money. We net an additional $1000/mo on each rental. We can't even get an auto loan! All lenders have said we have excellent credit/high FICO, but our DTR is way off. They recommend we get a regular 9-5 job so we have a W-2!! SO frustrating!

We had to refi one of the properties that the owner was carrying for a short time and wound up using an investment lender at a crazy rate that would do it. This is the one that when a lender does a credit check on us, they don't see it in our name. Not sure how they are seeing the other 2, because they are also in separate LLCs. Weird. 

I don't know HOW these other folks on BP are finagling these loans to get more properties or cash to repair. It sure isn't working for US!