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Investment Property: Is This Possible?
Posted on 8/14/16 at 2:49 pm
Posted on 8/14/16 at 2:49 pm
Long story short.... Looking at buying an investment home (it is in foreclosure)... Would like to flip; however, would be fine selling current home and living in this foreclosure if necessary. I want to buy the property through my LLC on a 12 month single pay term with quarterly interest payments... If not sold in a year could I transfer it to myself and take out a mortgage personally since it would be my primary residence?
3
Posted on 8/14/16 at 3:02 pm to Hoyt
Where is the llc coming into play?
Posted on 8/14/16 at 3:33 pm to Hoyt
You can do most anything if you can finance it. This one year note that you're describing, have you worked with a bank that's done similar loans for you in the past?
Yes, you can transfer or sell property from land trusts, Sub-S corps and LLC's to yourself. You should look into what the tax implications may be, but yes, in principle, you can do that.
Since the transfer/sale will not be considered an arms length transaction, I don't know how current mortgage rules will affect that. It used to not be an issue. But things have changed over the years, so I really don't know. Maybe one of the guys who is current and active in mortgage banking will chime in.
Yes, you can transfer or sell property from land trusts, Sub-S corps and LLC's to yourself. You should look into what the tax implications may be, but yes, in principle, you can do that.
Since the transfer/sale will not be considered an arms length transaction, I don't know how current mortgage rules will affect that. It used to not be an issue. But things have changed over the years, so I really don't know. Maybe one of the guys who is current and active in mortgage banking will chime in.
This post was edited on 8/14/16 at 3:35 pm
Posted on 8/14/16 at 7:54 pm to Mr.Perfect
Because I can get a commercial loan with the terms I listed fairly easy... And it would give me a window without potentially making two payments
Posted on 8/14/16 at 9:33 pm to Hoyt
Are you having to personally guarantee the LLC debt?
I would think in theory you could do this. You would just transfer the property from the LLC to yourself, and you would need to qualify personally for the mortgage. Given the payoff of 12 months and the timing to get a conventional mortgage, you probably have a time period of like 10-10.5 months to make the flip before you need to start moving on this.
I would think in theory you could do this. You would just transfer the property from the LLC to yourself, and you would need to qualify personally for the mortgage. Given the payoff of 12 months and the timing to get a conventional mortgage, you probably have a time period of like 10-10.5 months to make the flip before you need to start moving on this.
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