All Forum Posts by: Debby Reed

I invested in nonperforming note a year ago and would like to sell it. The investment was structured as a contract between myself, the investor and the note buyer, who was supposed to either get the note performing or foreclose. He's done neither over the year and is charging me service fees... Plus he claims he's having trouble selling it and that I should try myself to find a buyer. Uggh. Anyway, if I could get the note performing myself I would but I'd rather just sell it and move on. Is there a market for individual note sales that I could list this on?

The retirement assets were exclusively used for acquisition and rehab of the property to get it rent ready...very careful about not commingling funds.

Thanks @Brian Eastman! It's a solo 401k, maybe damage control is easier since I'm the trustee of the plan? In the closing attorney's defense I should have been more vigilant at closing as far as how the deed was written... This was the first house I'd bought with the 401k... And the lawyer was cheap... You get what you pay for

sorry, the closing attorney assumed I'd be the grantee on the deed, not grantor 

hello BP real estate geniuses! I could use some advice. A few months ago I bought a property that was mistakenly deeded to me instead of my retirement account. The closing attorney didn't ask who to deed the property to, just asked for my driver's license and assumed I'd be the grantor. Then a couple months later I happened to check the deed and found the mistake. The original grantor (the foreclosing bank) is happy to help and will resign a new deed, but the real estate attorney says this would be a problem as I'm already on record as the owner and it would cause title chain issues. Been going back and forth with the lawyer and the original grantor all day today. I was hoping a corrective deed would solve the problem but the lawyer thinks I'll have to re- deed it with myself as grantor to my retirement account as grantee, which looks fishy to the IRS. Anyway, I'm kicking around the idea of a land trust so the title chain would end with the trustee on the land trust instead of my retirement account but if anyone has any suggestions I'd love to hear them.... this can't be the first time this has ever happened. Worst case scenario I deed it from myself to my retirement account, as long as there's a record that no money changed hands and I didn't benefit from the transaction i think I'll be ok

I have tried to assure the person who assigned the contract to me that the purchase price that she bought it for doesn't matter, she could even make a copy of the contract and redact that info if she's worried about me seeing it. I really just want to see the terms of the original contract. She did finally say that her lawyer has a copy of the original and I can contact him to request a copy. I've left a message with his office, waiting to hear back. 

thank you everyone! This doesn't even scratch the surface of things in learning the hard way! The seller says she's never given an assigned buyer a copy of the original contract so at least I'm not the first last or only one who's been in this situation....

Hello people, please bear with me if this is a stupid question! I have signed an assignment of contact to purchase a property. It's a one page document, just says I'm going to buy x house for x dollars and the due diligence is x days. There's nothing else in it, because it's all based the original purchase contract. I'd like to have a copy of this original contract as the buyer of the property. The person who assigned me the contact says no, it has nothing to do with me. I think that's weird, if they're worried about me seeing the purchase price, I'm going to see it anyway at closing. Am I legally entitled to see the original purchase contract?

Thanks a bunch for your feedback!

I agree Greg, I've heard it's better to have an iron clad policy than to have one that varies according to the situation. It's a lot easier to make a case for discrimination if you let one person slide for something but not someone else.

Potential tenant with felony prescription medication conviction, not violent, wasn't incarcerated, sounds like previous landlord said he pays on time. Yes or no?