All Forum Posts by: Logan Jamieson

Thanks for your time in reading my post!

I have identified a Bank owned Foreclosure that I believe has massive potential. On the MLS is says they are offering a Quit Claim Deed. Some Biggerpockets research teaches me to be weary. I asked my realtor for a suggested company to do a preliminary search and he said not to worry, that he would make sure I get a solid search and title insurance prior to closing.

However, I am not really interested in even making an offer if I am buying a 2nd mortgage. 

1) Do any of you out there do preliminary searches prior to making an offer?  If so, do you use a local company or are their any online options?  Not looking for specific names just wondering in general how you go about this (since I am not a Pro account and cant post in the marketplace).  

2) If the title looks clear, is there ever a way to get banks to offer a Warranty deed instead?  If not, can you ever get title insurance on a Quit Claim?

3) Is a QC deed typical to bank foreclosures?

4) I see online title companies offer a variety of search options.  Can anyone summarize which one I would want them to do to make sure the title is free and clear (ex. "30 year search", "mortgage and assignments search", "2nd position mortgage and assignment search", "reverse mortgage and assignment search", etc.)

Thanks everyone for helping me become financially independent!

Thank you all for your thoughtful responses, this is why I love BP!  Currently working on writing up my goals.  Cheers

Hey BP community!  

I just met with a lender and I qualify for a 350k mortgage (currently dont own anything).  I also have 300k cash on hand and own a GC company so can have some work done at cost.

I live in Maine and would like to invest in my state.  What should next step be?  My annual income is currently 90k from my job.

1) house hack 1 large multi?

2) Brrrr the above multi

3) buy more than 1 property right away?

4) partner on a larger complex (I have a few potential partners lined up)

how would you guys best leverage my situation?  

Thanks in advance, 

For those of you with assisted living facilities (not residential care facilities), how did you obtain your licensed beds?  

Did you:

1) Purchase them along with the existing property?

2) Obtain them through a certificate of need process from the state?

3) Or, purchase the licensed beds from another seller and then transfer them to your facility?

Also, in your state are the purchased licenses and associated level of care based on revenue?  For example, in Maine if I purchase a licensed Skilled Nursing bed with a state valued revenue of roughly 130k annual revenue, I can convert that into two assisted living beds (since the license is based on a revenue valuation).  To obtain an ICF (intermediate care facility) bed license in Maine, the revenue is around $800,000/ year, so I would need roughly 6 skilled beds to convert to 1 ICF bed.  Curios how other states work.

Thanks in advance,

Logan

Thank you all for the reply and info.  Was secretly hoping that under an llc the entire mortgage expense would be a tax deductible business expense.  Will definently utilize my tax account services for my next purchase, I just like to go in armed with as much info as possible.

Hello BP friends!  Can someone clarify for me the pros and cons of purchasing an investment property (which I will live in) with an llc vs a personal home mortgage?  Specifically, tax incentives/ deductions?  

My research seems to show with a personal mortgage I can deduct my mortgage interest, property taxes, and home equity loans or lines of credit for funds to improve the home? How do these tax benefits compare to starting an llc which would purchase the home? I am assuming the LLC mortgage terms would be different(term, down payment, interest rate)? Can I use an LLC on an FHA?

Thanks all for the help. I am frantically trying to lower my tax bracket, beyond hitting the 401 (k)/ IRA limit real estate seems the best way to do so.

- Logan 
 

@Greg Junge I would love to connect with you regarding your recent ALF project.  As of this November I will be a licensed Multi-level Nursing Home Administrator with the hopes of opening my own ALF facility specializing in memory care.  I assume when you say Assisted Living you mean a licensed facility (vs. residential care home)?  Does Arizona require you to submit a Certificate of Need through the Dept. of Health prior to obtaining your facility license?  Are you private pay or certified for Medicaid reimbursement?  Most states on the North East have a moratorium on dual-licensed beds for Medicaid reimbursement and they have only be acquired through purchasing existing beds from current owners... 

If you are will to connect please let me know and I will PM you my contact info.  Happy to provide any assistance to you with your current project as a reciprocation.  Thanks and good luck! - Logan  

Currently looking into starting one in Rochester NY...  specifically an SNALR. Gave been researching the Certificate Of Need process as it is different for adult care facilities and assisted living residences than all other health care facilities (in NY).  

Mark, I know of one company with a decent track record with operations in Florida.  How large is the facility you are looking to start?  Depending on the scale you are looking at I tend to discourage the larger firms as they will eat up most of your profits.  I am currently a licensed assisted living administrator and will have my have Nursing Home Administrator License this November.  Grew up in the real estate business and am extremely passionate about both.  PM me if you would like more info.

Congratulations on pursing a great investment!
 

- Logan 

Hello all,

I am a long time lurker on Bigger Pockets.  I grew up in the real estate and hotel business, own a small general contracting company and am close to obtaining my nursing home administrators license.  As many of you have mentioned in prior posts, senior housing can be incredibly complex at the skilled nursing level.  My ultimate goal is to own Independent or Assisted Living Units.  Even the large companies are leaving the Nursing Home business and I don't blame them.  

1) For those of you out there who currently own or operate Residential Assisted Living Facilities, Retirement Communities, Independent Living, or Assisted Living's Unites would you be willing to offer any more detail on your operating expenses?  I am determining my rough per/unit costs for each level of care (obviously geographic dependent).  I am not intimidated from facility license requirements as long as the additional costs can be justified. If you are willing to share any date PM me :).   

2) I am open to any location within the US.  My preliminary research indicated North Carolina, South, Carolina, Georgia, Florida, Arizona, and Texas and great future Baby Boomer States.  Any thoughts? Specific cities?

3) Have you had more success at the low income level or higher private pay level?  

4) Is anyone receiving reimbursement beyond section 8?  Ex: Memory Care? Renting space to Adult Day care provider? Here is Maine, facilities are eligible to obtain Maine care assisted living beds and receive reimbursement.  

5) For those of you with multiple Residential Care Homes: Have you localized your facilities and incorporated a central office for operations?  

I have a passion for senior care and am hopeful to make a bit of $$$ in the process.