All Forum Posts by: Jeremy Kuchenbecker

The other benefit of an umbrella policy is that the policy will cover most if not all legal fees associated with a lawsuit. Generally and insurance policy will cover a very wide range of liability, where your main exposure is negligence I.e. deferred maintenance. For anyone with liens on your property, banks generally have a "due on sale" clause which make it difficult (not impossible) to close or transfer title into an LLC. Never had any issues so far thankfully. It seems like for a lot of people I've talked to about liability protection is that an LLC is a "sexy" way to validate the fact that you invest in real estate.

I'm in Orlando but a good buddy of mine works with his father on flips and turn key in Tampa. Message me if you're interested and I can put you in contact. 

Heres my .02 because I just got my license a few weeks ago: Sign up for an online class, click through the courses, study for a couple hours and take the exam the next day. It will take you a day and will save/make you a significant amount of money. 

Find a brokerage that gives you a good commission split 90/10 or 80/20. 

Loopnet seems like a complete joke for large commercial properties but I've actually found a few small residential properties on there that have worked out really well. 

I've lived in Orlando my entire life and don't know other markets that well but from what I've heard for anything bigger than a duplex, Orlando is not one of the better markets for multifamily properties. 

@Account Closed you're basically looking at addresses, checking the tax collectors website for ownership info, and getting in contact with owners directly asking to purchase their property?

Thanks Jessica Zolotorofe. The one thing I could have done was fully read through the disclosures and cross reference them with the property to ensure compliance. The HOA provided information and I was provided disclosures but not specific information regarding the property being in or out of compliance. In hindsight I could have done more if I had thought it would be out of compliance. Having said that, I relied on disclosures I signed - specifically the "Complaince and Proration Agreement Between Buyer and Seller" stating that "Seller agrees all HOA fees and/or special assessments are paid" Also the ALTA endorsement and Buyers Title Affidavit protecting me from "a failure to disclose present violations of covenants, conditions, restrictions". I want to make sure going forward I know what I do and don't have specific protection for. Definitely not worth it to pursue legal action except for small claims, but it definitely pisses me off when looking at this transaction as a whole. Still a GREAT deal though.....glass half full.

Clayton Plank beat me to it!

Not an attorney but I would suggest holding them in a land trust with the LLC as the trustee. Trust provides anonymity (providing you close on your properties in the name of the trust) and the LLC provides liability protection. In my opinion not as important if you are doing buy/holds vs flips like the original poster said.

John Thedford I meant seller! Thanks.

I'll look back through and see what other disclosures were presented as well.

Wayne Brooks John Thedford appreciate your input guys. The paint is very, very slightly faded in addition to the side fence being out of compliance (wrong color paint). Communication with the HOA revealed nothing as they would not disclose specific information pertaining to the property as I was not the owner. I'm not sure how equitable title vs legal title applies to that, however upon reading the disclosures, they revealed nothing out of the ordinary. This same buyer made us jump through hoops to get security deposits for the current tenants and was behind on 2015 taxes. Not the easiest experience I've had.