Posted by: paul/texas ®
12/17/2002, 22:10:05
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I have been listening to some of your tapes and I like the fact that you don't do things the way everone else does. I like the fact that you don't use banks, call sellers or make offers (that one seems harder than the rest). I have one problem in my transition to transaction engineer. I have 2 properties that I need to refinance within the next couple of months. I took title to both of these in my LLC. I am being told that the only way to do that through a conventional lender is to put the property in my own name and then they would provide financing. It is a pretty good deal as far a lenders go. No points, prepay penalty and very low closing costs. They even said I could put it back into the LLC after we close. My questions are 1) Would it cause accounting/tax problems going into and out of my name? 2) do most rehabbers re-fi properties in their own name? 3) I am putting together a mail out targeting private lenders so should I wait to see if I can come up with someone who will let me keep properties in the LLC's name? Sorry for the long drawn out question. I appreciate your response. paul/texas
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