If you sell the property to yourself you may have to deal with transfer taxes, increased property taxes and paying capital gains on the sale. I think lenders would frown on financing the sale to yourself through your LLC.
I also had a problem on refinancing a property when the loan was below 100k - I had plenty of equity, so I just did a cash out refi. to bring the loan over 100k.
Could you do a home equity loan against another property or your personal residence? Then once you buy the property, get a HELOC against it to pay off the loan you took against your personal residence?
I have never heard of Donna Bauer.
Perhaps my response will give others an opportunity to respond.
[addsig]
If you sell the property to yourself you may have to deal with transfer taxes, increased property taxes and paying capital gains on the sale. I think lenders would frown on financing the sale to yourself through your LLC.
I also had a problem on refinancing a property when the loan was below 100k - I had plenty of equity, so I just did a cash out refi. to bring the loan over 100k.
Could you do a home equity loan against another property or your personal residence? Then once you buy the property, get a HELOC against it to pay off the loan you took against your personal residence?
[ Edited by finniganps on Date 05/24/2006 ]