All Forum Posts by: Account Closed

@Adam T. Veitenheimer

One quick thought would be to work with the bank that currently holds the note.  If the property has been performing they will be good choice to use as a lender.

@Chris Colon

You have come to the right place.  Welcome aboard.  Check out the podcasts under education.  Their are many tools, articles, blogs and people here to help you in your quest.

@Elizabeth Woolf

I would expect the LLC would have a profit on the property based on the price you sell it for less the price you specified in the QCD. Of course less any other improvement costs you have put into it since the LLC took ownership.

I did the opposite of you, where I sold an LLC asset to myself, and the math worked out for me as mentioned above.

@Jonathan Miller

We are not tying to give anyone a hard time.   

@Brian Burke

Yes that first deal is the most critical and there after gets a little less each time.  I worked with a guy who after years of trying, finally convinced his wife to let him invest in real estate.  On his first house he gave $50k to a spec home builder.  Long  story short, he was out the 50k and probably 10k in legal fees.  How do you expect someone to recover from that.  Had it been his 3ed deal, where he made some cash on the first 2, he probably would continue.

@Sean Kremer

On that child support lien, was the issue the child support lien was recorded before the origination date of the mortgage that was in default.

Thanks.

@Account Closed

You wrote

We use Land Trusts set up in the seller's name "the Smith Family Trust" which minimizes exposure to the lender.

Brilliant.

@Claudia Bonaudo

Many buyers believe if they work directly with the listing agent they will get the best price on the house they are buying.  The listing agent is more likely to push your deal to the top of list they present to the buyers, the listing agent may suggest they think your a stronger buyer, ect.  

Reason being is they stand to make twice the money as opposed to another agent bringing them a buyer.

This is how I roll and agents understand buyers who take this approach.  Should not be any bad feelings on the agents part, it is business.

@Robert Baker

I am not familiar with your state, but in NY and Pa I would expect they would be employees in the eyes of the workers comp folks.  Maybe not your son, but his buddy would be.  Maybe your son too, based on his age.  Not saying this is def. the case but you may want to look into it.

@Don Coumbs

No good deed goes unpunished.  What do you think would have been the outcome if you did not agree to selling the house back to the  previous owner.  Did they offer you a little extra money for your time and money.

Thanks.