All Forum Posts by: Phil G.

Personally, I would never buy interest in an LLC. Too much risk of undisclosed liability.

You might ask your attorney about Supreme Court case Reves v. Ernst & Young, in which the court listed notes that are not securities, including notes secured by a mortgage on a home.

Under federal securities laws, notes with maturity of nine months or less are generally not considered securities.

State securities laws also come into play. 

Be sure to check to make sure you're not calling numbers registered on the FTC Do Not Call list.  Here's a link to information about downloading the listed numbers:

http://business.ftc.gov/documents/alt129-qa-telemarketers-sellers-about-dnc-provisions-tsr

@Gary Marcotte 

I straddle the central NH/MA border looking for REO properties and there are few deals to be had. And some of the listings make the asset manager/listing agents look like they're out of their minds. But every once in a while... Luckily REI is a part time thing for me, so I can afford to wait for the rare deal.

I've taken the Mass. test.   It's easy.   Remember you can miss quite a few questions and still pass, so don't stress too much or get hung up on a question.  The score itself, once over the passing threshold doesn't matter.  Good luck!

I always give people the benefit of the doubt and give a second call or send an email.  Emails and voicemail messages to get deleted by accident, etc. once in a while.  I know that on occasion I intended to return a call and it just slips my mind.  After a second contact, I would agree that not returning the call or email is unprofessional and rude.

I wouldn't lump the agent in the with buyer as being an "idiot" or at fault, as some have suggested, since the agent has to present the offer, as you all know, even if they advise their client that it's a ridiculous offer.  If the agent goes out again with the buyer, well then they're idiots :)

No insurance?  What could go wrong?

I don't hire unlicensed individuals/companies where a license is normally required.  I require a current certificate of insurance naming my entity as additional insured from all trades.

It may take a while to get through the NACA process.

In Mass, there is also Mass Housing Finance Authority: 

https://www.masshousing.com/portal/server.pt/community/home_buyers/225/loans_for_home_buyers

Mass Housing have income caps that vary by geography within the state.  RD as well. 

100 characters.  I guess Realtors would call that a "cozy" description.