All Forum Posts by: Enrique Caceres Jr

Welcome Marcello. Yes the market here in NY is very tight and quite high end. Try this group https://www.meetup.com/New-York-Real-Estate-Invest...

They may be able to help you out. Its a great networking resource. As far as wholesaling if you have the players lined up and the numbers in order you simply have to find a title company that will do a double closing. A google search could lead you to what you're looking for. I did a quick one and the first one is in Staten Island.   https://www.scollaratlaw.com/buying-and-selling-re...

 When speaking to them just explain what you would need done. The only difference may be the terminology. Good luck and I would love feedback as to your success. 

yes great! Thank you! Replying shortly. 

Hello everyone, I was wondering if you could refer me to a good real estate lawyer in Puerto Rico. (a little background) I recently became interested in real estate investing and have been doing a lot of self education. Shortly after this I asked my mother how she was fairing in her home. She retired from the US postal service to her hometown of Gurabo, PR in 2009. She was never a home owner and new nothing about the process and I myself was in the military at the time and could provide no help. She began to tell me a horror story where she seems to have fallen victim to some shady dealings. The house appraised for 180k in 2005. She paid 245k. She didn't find this out until recently, it wasn't disclosed to her that the home appraised so low. Doral bank (the original mortgage bank) went under and she received a letter from Banco Popular saying they now have the note. She hasn't missed a payment and had great credit (809). But she then found out her mortgage rate was 6%. My heart is breaking and I want to put her in touch with a trustworthy lawyer in her area which I would gladly pay for. At a minimum maybe the attorney could explain what happened and what recourse she has, if any. Even if her best bet is for me to purchase the home or let t go into foreclosure. I thankful for any help I get with this.

Can someone recommend a good real estate lawyer Near Gurabo, PR? My mother retired to PR in 2005 and I just recently asked her about her home. I think she was the victim of some shady dealings and would love to retain a lawyer to see if there is any recourse to this horror show of a mortgage she is shackled to. I couldn't help her during her purchase as I was in the military during that timeframe.

@Tyrone Hardy. Lending institutions will lend to you, Tyrone, because you have a credit score and a lifetime of lending history. Your LLC, in most cases, won't have a similar history. If you don't pay the loan and foreclose the consequences to you would be long lasting. That foreclosure could follow you for a long time. An LLC however, faces little consequence and affords the lending institution little recourse to recoup money and a lot of hoops to jump through to do so. Not an equitable deal for the bank. When you're looking for a mortgage make sure you ask if the lending institution will do a quit claim deed and make sure they are ok with you transferring the property to an LLC. I some cases transferring the property to an LLC could void your agreement and the mortgage would come due immediately. If they are ok with the quitclaim deed it would just be one more piece of paper you sign at closing. Basically you will buy the property and then immediately transfer it over to the LLC holding yourself responsible for the loan. All other liability would be contained to the LLC with regards to the property. In this case many lending institutions will want you to be the sole owner of the LLC. If it has other members they should also be on the mortgage note.

Thank you Chris! Would they be knowledgeable of the tax implications? Or is  consulting a tax lawyer / realty lawyer still necessary?

I'm an investor that's recently been asked to advise my in-laws on how to manage their commercial property on Staten Island, NY. My father in-law had a medical practice which he retired from and currently owns the property. It is still zoned for commercial uses. He has three children (my wife being one of them) and he has considered selling the property as he doesn't want the stress/cost of insurance/property taxes. After speaking to him qI've been able to show him how keeping the property and leasing it may be in the family's best interest as the rental income would pay for these limited expenses. At this point, I'm curious if making an LLC naming his three children as equal parts owners (something their father wants) is the best way to proceed or if it is even necessary. The ultimate goal is for this property to be the corner stone in the three sibling's portfolio for future investments. What would be the best legal entity for this scenario?