I have a good rental management company that takes care of a house I have in Houston (Spring, non flood area) that also has their own portfolio. I reached out to them to tap for expanding my portfolio as I have moved to TN for family reasons. I have 75k in the TX property, 100k in my TN home, business lines of credit of $47k in a different LLC and I am looking at rental potentials with a $2000 monthly rent, homes 300-450k. I feel have a downpayment solution but not a financing solution.
Here is my question, I have created a LLC for my TX property but I am not sure how to transfer the property to my business. Is a Quick Claim Deed best? What happens if I want to tap the equity when it is under the business name? Is it better to get the HELOC before I transfer? Is buying properties under my name and transferring a better strategy when it comes to securing financing or refinancing? How do you find the financing you need when these interest rates make conventional loans a tight option for LTRs? I have only recently thought about getting into REI so any input is helpful.
