buying a house from my business?

I own a business under my name, and under that business I own two rental houses that were passed down to me.

I recently spent 41k on a remodel of one of the houses via a loan under the business. The remodel is done currently and the house is ready for someone to move in, but is currently vacant.

The house was paid off years ago before it was passed down to me about 5 years ago.

I currently rent an apartment myself (my properties are further away from work then I would like) but my girlfriend is set to give birth in about 4 months. I’ve been thinking about buying the house that I recently remodelled from my business for me, my girlfriend and our new child to move into.

I have about 39k left on the loan under my business. I am also interested in getting a room addition, and was quoted at 55k for that.

Here is my question:

Am I able to get a home loan for the cost to pay off the remodel loan and the cost to get the addition as a regular mortgage under my own name and purchase this from my business or is there something else I need to do?

submitted by /u/Aidanklenk
[link] [comments]

I own a business under my name, and under that business I own two rental houses that were passed down to me. I recently spent 41k on a remodel of one of the houses via a loan under the business. The remodel is done currently and the house is ready for someone to move in, but is currently vacant. The house was paid off years ago before it was passed down to me about 5 years ago. I currently rent an apartment myself (my properties are further away from work then I would like) but my girlfriend is set to give birth in about 4 months. I’ve been thinking about buying the house that I recently remodelled from my business for me, my girlfriend and our new child to move into. I have about 39k left on the loan under my business. I am also interested in getting a room addition, and was quoted at 55k for that. Here is my question: Am I able to get a home loan for the cost to pay off the remodel loan and the cost to get the addition as a regular mortgage under my own name and purchase this from my business or is there something else I need to do? submitted by /u/Aidanklenk [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!