All Forum Posts by: Denise NA

Ritch, you mentioned about a broker who can do blanket loans for you. How is that working out?

I have looked a year ago for blanket loans, but it was impossible. Maybe the guidelines are loosen up a little now..

I like to follow up with you to see if your blanket loans went through, and if you can share the contact with us.

Thanks,

Denise

Mike, it's there a way to name a few for me?

-Denise

Good point, Will!!

"what if the owner in a MLO deal acquires an additional lien on the property such as a tax lien or what if he/she does not pay the mortgage, or what if he/she dies, or how to address capital improvements?"

In this case, you can 'walk away' when this is a violation stated in the contract by the seller, but walking away meaning you have just wasted all you time and money adding value to the property.

Maybe by putting the property in land trust (MLO,) and have trustee manages the property might have a certain level of 'security' on the buyer's side...

-Denise

Rich, great advice!

Bottom line is, whatever we do, there is no 100% protection. It is just the matter of 'the best' and 'whatever' we can do to protect our asset.

LLC for each property is just too much trouble to manage. Try 'equity split' to protect your assets. This is a method to group all or number of properties in #1 LLC, then create #2 LLC that holds the note for all the equity in #1 LLC.

So, if anything goes wrong with #1 LLC (manages all RE activities,) then it'll show no equity/asset in it. Because #2 LLC holds a note against it.

For detail, do some search on line.

Good luck,

Denise

Thank you all. I'll contact them as soon as the owner knows what they want to do with the property.

that will be okay. I appreciate any contacts. This property is at Evanston. Basically entire kitchen remodel plus add on & flooring, paint.

Any suggestion for a reliable contractor for to do remodeling work in Chicago area?

I am currently working with 6 PMs. My best suggestion is to call upon a management company and ask for a copy of mgmt agreement to sent to you. You'll then get a feel of the nature of the business including fees and conditions.

An organized PM companies are doing great in Atlanta! Have a goal in your mind. Many of these PMs has over 200+ properties just started 2 yrs ago.

Good luck!!

Thanks Darryl! Totally understand what you mean.