All Forum Posts by: Jonathan Key

I would serve a 5 day notice on the ghost then file for an eviction. After that you have fulfilled your legal obligation.

You should have contacted a lawyer first before you wasted (potentially) your money. You paid the taxes why?? I don't get it, nothing will default to you especially if someone has been paying the taxes even though they may have been late for years. There will still be a cloud on the title even if you go see a lawyer.

Solution: Find new deal.

I get it is 50k potential profit, but mold?? That could be kryptonite my friend. How much do you stand to loose if you have to try and get it done and you are wrong? Find 2 deals that will net you 25k each with no mold and sleep better.

@Tamara Taylor Welcome to BP! You are in good company as I am planning to get my RE license this year! Welcome to the journey!

Keep in mind who you are doing business with (or trying). That generation did business face to face on a handshake - THEN paperwork. Go knock the door, talk to them, inquire about the property - don't be pushy. It may be easier than you think.

@Michell P. Agreed.

@Brandon Hall @Joel Owens DITTO these guys X 2. Keep things real on your financial situation and then back up and punt. You have 10 other ways to finance a property - just not this property.

@Patrick Jung First let me say that it may not be as easy as setting up an LLC to be the acting property manager. Every state is different as far as requirements for a property manager. From the first page of Google:

Must Ohio property management companies have a real estate broker's license?

YES. Key components of property management (leasing and renting) are considered real estate activities under existing Ohio real estate licensing laws. If a property manager is going to lease, rent, list, procure prospects or negotiate, assist, or offer to perform any of those acts, or if he or she operates, manages or rents any building or portions of buildings to the public as tenants (other than a custodian, caretaker or janitor) he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

Now that was my first shot in the dark, so you might need to do some more research. 

Second, what is the point of your LLC? If it is for tax purposes then you might want to reconsider. If asset protection you may be jumping the gun a bit. There is a LOT of folks on BP that spout "run and get a series LLC for your 1st property" but you gain very little on 1 or even more. You still have personal assets that can be gone after. Find a CPA or tax attorney and discuss why you are going that route in the first place.

Nothing beats paid consultation. Why go spend a few hundred $$ to create an LLC when you haven't even talked to an attorney? Do you have one? If you are worried about affects from the LAW - wouldn't you consult someone in LAW first?

Or not, could just be my overbearing opinion. Do what you like, but please report the results to us. :)

What is the worst he can do, so no? Offer the deal, if he takes it then home run! If he doesn't then work from there.

*Followed. Let's see.