All Forum Posts by: Kyle Keller

So my associate and I recently found a property in forbearance and about to go into foreclosure. The seller has two loans - one for 3.3mil, another for ~300k, 300k in tax liens, 100k in realtor fees, and 300k in attorney fees, and the property itself is worth about four mil. 

In trying to structure a deal that would work, we came across someone who mentioned that we should allow the property to go into foreclosure and use a quitclaim deed signed by the seller to transfer the property into our name upon the sheriff's sale to circumvent the liens. She said she had done this like 50 times back in 07-08 and that it's a real thing.

Has anyone else heard about this? Time is of the essence, and I'm unsure how to proceed. I need a lawyer to review the situation but can't find a lawyer who has dealt with this.

As always, any help is greatly appreciated.

Just reached out, looks like he'll be able to help. Thanks!

Does anyone know a good plumber in Cleveland that would be able to take a look at some things within a couple days? We're having a really difficult time finding anyone to help.

@Taylor L.

If no one commented on this I was going to make one myself! Looking forward to diving into Brian Briscoes though, thank you for this info!

I just finished Kyle Marcottes training on buying a large multifamily and I'm looking to take the action and keep learning.

I'm wondering if anyone knows of a free mastermind or support group based around getting started with large multifamily investments?

@Max Cordova

Have they set up the 1031 exchange with a qualified intermediary? If not they can't do a 1031 exchange if they've already gotten the money from the deal. If so the intermediary should be able to help with what they can and can't put their money into. You can do a 1031 exchange between similar holdings - stocks to stocks, real estate to real estate.

I'm no 1031 expert, but those are some basics I know.

@Caroline Gerardo

Awesome, will do! Good to know about the appraisal... Makes sense

@Lucia Rushton

This is a good idea as well, I'll have to look into the vendors that have been suggested.

@Caroline Gerardo

Interesting, thank you. Definitely different from residential. Our realtor suggested a lender for us and the realtor has been the go between for it. It would probably be best for us to reach out and discuss a little more with the lender though.

Thank you for the insight!

Fee* (not few)

So I've never gotten a commercial loan before, I'm wondering if other people have experience with this. The mortgage broker is asking for a few payed from us the buyer for finding the mortgage. Ive dealt with a residential broker before and they have the lender pay their fee... Is this expected for commercial loans?

The fee is 3% of the loan amount.