All Forum Posts by: Patricia Steiner

Here you go: "Any foreign LLC that wants to do business in Illinois will need to file an Application for Admission to Transact Business with Illinois's Secretary of State (SOS), Department of Business Services, Limited Liability Division." The term "foreign" refers to LLCs formed/held out-of-state.

Best...

Know this...if you're not a licensed realtor, you will be breaking state law for the unlicensed practice of real estate.  It comes with:  "If convicted of Unlicensed Practice of Real Estate in Florida, a judge can impose any combination of the following penalties: Up to five (5) years in prison. Up to five (5) years of probation. Up to $5,000 in fines."

But I'm more concerned that an investor would put himself "in the middle" of a transaction that could expose him to both legal and financial liability.  Don't wing it and get burned...there's a lot of folks out there who enter into contracts every day with no intent of ever closing - nor can they financially do so.  

Do what you do best and avoid the risk that comes with distractions.

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Don't take the realtor's word for it...it may be the realtor who can't afford to let you back out.  Check your contract under the cancellation and inspection clauses.  Generally during the due diligence period, you can walk for any to no reason.  And, unless your contract states you need to give a reason, I recommend not doing so and just stating that it did not meet your expectations.  That avoids the 'great debate' and just ends the transaction.  Be sure your realtor executes a Cancellation of Contract form and indicates the amount and full return of your escrow.  The seller will need to sign it too before it gets sent to the escrow holder for processing.  Whatever you do, do NOT wait until the last day to cancel if that's your intent. The sooner the better and the least said the best.

Hope this helps...

Realtors who specialize in investment properties are your best bet for searching multiple channels for commercial property.  Industrial property. What's great about this property type is that it can be used for commercial purposes as well - providing the owner with flexibility and diversification.  

Hope this helps...

The information you need to know is specific and is best obtained by doing an internet search on the topic. There is a lot available on how to register for the auction in each county, the settlement that is expected at the time the sale is made, and what liens will/can remain which would prevent you from having clear title or being able to finance.  As a new investor with limited liquidity, this would be the wrong play for you.  Please google the topic, read the state and municipality requirements, and well as the risk/reward of tax deeds.  There is a misconception that this is a cheap entry into property acquisition - where it actually can be quite complicated in Florida.

What is the property worth based on comparable sales in the last 30 days?  Then what is it worth when adjusted for condition?  And, how seamless can you make the transacton for the seller - can you close in 30 days or less, etc.?  Price is just one factor in having your offer taken seriously when submitting an offer below list.  Your offer cover should state why the offer makes sense and the benefit to the seller to accept it.  Go in on a "magic number" and risk being perceived as something less than a credible buyer.  Take the time to do the homework and to market your offer in a way that the seller will at least recognize it, accept it or counter.  

Hope this helps...

It looks lovely...I would change the title and the first paragraph to make it more seamless; something like:  

Title:  New! Seven Dwarfs Villa is the place to be...

"Welcome to sun and fun. This Seven Dwarfs villa has all the upgrades and its open floorplan is spacious for up to 8 people.  It's fully stocked so you can start your vacation upon arrival. Just minutes from Disney.  It's the place to stay."  

I would edit out "reality" (trash cans,etc) from photos whenever possible.

Congrats on a lovely vacation rental.  Hope this helps...

Go here:  https://properties.sc.egov.usd...

These are the USDA foreclosed properties that are available for purchase.  If a property is in the process of foreclosure, the Trustee will not engage you or an offer.  All government owned properties are for sale by public auction or other method approved and posted on this site.  Again, when a property is undergoing the foreclosure process, it will not be eligible for purchase until offered for sale.  

Even in a slow rental market, what you're experiencing is not okay.  You're running a business...that's what that vacant property is in reality - your merchandise -and no one stays in business without sales in two months time.  It's time to change your thinking and target your marketing.  Change your perception of what you have and how it has to be used.  You're in a great location and there is rental demand in Savannah now.  Don't wait to change strategies...

I recommend this: before having anyone represent you, make sure that they are an expert in what you're trying to achieve.  You don't need 10 realtors out looking for properties; you're wasting everyone's time.  Find a realtor who works in the investor segment and has a track record in your market.  Look up their reviews, property sales, and background.  When you find the real deal, sign the agreement and expect results.  My firm is private client so I don't have the 'stranger danger/wannabe/time waster clientele that most have.  Look at it as creating a team of experts in real estate, lending, insurance, inspections, trades - that are focus on the creation and development of your empire.  If you're transaction oriented, you're better suited for a non-investor/general realtor.  Be more and get more...