All Forum Posts by: Peter M.

@Bryan Flores This seems like a complicated issue with more details needed but from what you've said, I would fire this guy and find a new lawyer. Im sure you'd get the invoices once you fire him

@Bryan Flores Do you have to have a lawyer file for you in that state? Might be better to do it yourself, learn from the experience. Can't be worse than the results you are getting now

@Kyle Marsh Raise to or right under market rent. Be sure to give plenty of notice so they have time to shop around. Most of the time they realize it would be more expensive to move. They may leave but thats part of the business. If you give enough notice you will also have time to find new tenants before they move out.

@Geoff Pettis I agree with the previous posts but will add that an asset protection lawyer will also say it isn't so much about the equity as the liability of having multiple in the same entity. If you get a judgment against one, then the others can be used to satisfy the lien. If they are in separate llcs or series then they wouldn't be at as much risk. You can also use land trusts to obscure ownership and make it harder to find who to sue.

@Chris Lee it seems like whoever filled out the contract made a mistake by putting 0 days. Just get both parties to sign a correction. Or maybe a sellers disclosure is not required in this case (REO, seller never lived there, etc) either way if the agents can't figure it out, the brokers of the agents should know.

@Davin Jeffers did the buyer sign an appraisal waiver? Did you get multiple offers? In a hot market just getting the contract is 80% of the battle for buyers. They either pay the difference or would have to walk away. If you had other offers you can contact them again and get another contract. This is why accepting the highest offer isn't always the best option.

Get the contract with an offer assuming worse case scenario even if they dont let you see inside. You can still take pictures of the outside for your buyers. Once under contract, in the inspection period set up a one time showing for your buyers. Send them out a blast email with the date and time, make sure to say it is tenant occupied and not to disturb the tenants before the showing. Set a time for highest and best from all buyers. If no buyers want it, either buy it yourself or exercise your option to terminate the contract. This way there is only one or two showings.

@Stephen McGrath I just went to a meetup in DFW where this was the topic. It was pretty fascinating because I never knew much about land trusts. From what I learned in the presentation, they can be an effective way to create anonymity. They don't offer asset protection by themselves but make it harder for lawyers or banks to find out who the real owner is. Although if you get a loan you will be signing a full recourse, personal guarantee so it doesnt really change much. When paired with series llcs they can add to the layers of protection especially if you have different state LLCs as the beneficiaries(WY, NV, or DE). The presentation was given by Randy Hughes. He is what I would call a guru with several books and courses on the topic. I didnt buy any of the products but may do so in the future. His pitch is for $600 hell teach you how to do the land trusts yourself, no lawyers needed.

@Leon Doucette A large loss event like big storm/water damage is usually the culprit. As soon as its repaired they generally raise it back up though. Just assume your tax rate based on purchase price or repair value (whichever is higher) for your calculations and you should be safe when they do raise it. If you're flipping then it won't matter too much unless you hold it too long

@Andrew Weiner @Dave Foster for 1031