All Forum Posts by: Varinder Kumar

when buying a note you have to board your loan with a servicer, try http://www.richmondmonroe.com/Services.aspx they handle all the document process when you receive you collateral file. they prep docs for AOMs and ALLONGES, file audit and look for any missing docs as well as safe keeping.  I think this is what your looking for? dont have any attorney referral, if you go on the forums you maybe be able to find someone there.   

LLC is the easiest to deal with. you don't need to documents minutes etc for company meetings as you do in s corps. LLC provides ease of operation by single member operators. currently state of Nevada is where you want to open LLC due to Nevada having no business or income tax. Nevada also protects identity of members and does not release information to government about llc or members inside. also Nevada filing fee is $75 a year vs California being $900. Again just my two cents, I'm not a lawyer so don't take this as professional advise.

@Dan Golden

Just curious, Im trying to look at areas that have strong real estate markets and I have not looked into Maryland. When I review my tapes it helps me knowing this information so I can expedite the process of filtering stuff out. Other than you being local I was curios if there is any other reason? Thanks

the other thing sell it, take the equity and bank it or reinvest somewhere and when market goes down buy into another investment property with more cash down or more cash into your pocket now..

Thats the beauty of lease option you collect payment at the front end which is non refundable, if they don't want it anymore you do it again.  If anything you want them to back out at the end. And then you do it to the next person all over again..

why Maryland?

Thank you to everyone who replied I much appreciate it. I decided not to sell..

I'm with you Tim! 

can't you call for an appraisal if the property goes up in value? to have MI removed? lender may require 24 months in payment history some lenders require 12 months. or if you pay equity down to where you have 20%equity.

@David Faulkner

Thanks for the advise! I'd like to use the cash to get into a multifamily property as well, it will take me a while to save up that kind of money for a down payment, so this is my best option.