All Forum Posts by: Ryan Fox

@Zul Hirani- Agree with Rob Massopust.  It's easier these days if the tenant is at fault.  However, it can still get complicated if the tenant files for bankruptcy.  A bankruptcy generally stays all legal proceedings against the tenant and requires the attorney to go into federal court to get relief from the stay.  It's usually more cost effective to do "cash for keys" instead of file for eviction if that's an option.  

@Hany Morsy- Definitely worth consulting a real estate attorney in your area to understand your options.  They would normally look at the whole chain of title and see where the defects are.  When I do quiet title actions in California, it's pretty common that there are people or entities that are no longer in existence, so we're not able to serve them with the lawsuit.  We end up publishing the lawsuit in the newspaper to provide them notice of it.  Again, it may work differently in your area, so consult an attorney in your area to understand your options.

@Greg Todrank- Get the police report before you start the renovation, if possible.  Generally speaking, the people who win lawsuits are those who have the best documentary evidence.  Keep receipts for any expenses you incurred due to dealing with the tenants, gas receipts for going back and forth to the property, ect.  

I have a portfolio on the Missouri side in the suburbs.  Listed a flip about 2 weeks ago @ $299k.  Dropped the price after a week because initial reviews were poor.  Then, got multiple offers and ended up going under contract for $310K!

The laws in California are pretty specific in terms of which Notice needs to be served, when, and how.  In addition, if it would be difficult to get to Wheatland to go to trial, if you need to, it might be best to retain a local attorney from the get-go.

@Alice Chen- Since each state is different as to how its LLC's work, that depends upon the state your LLC is organized in. Missouri has pretty strong protections for LLCs (in my humble opinion, don't take my word for it), so I'm comfortable with the way I've set it up. I can't really say anything else in a non-confidential setting, but feel free to reach out directly if you'd like to discuss further.

@Alice Chen - So the way I do it is I have a couple of Missouri LLC's to hold title to my properties in Missouri. The managing member of the LLC's is myself as trustee of my living trust. This doesn't sound drastically different than what you're thinking about.

@John Sharpe- This has already been suggested above, but code enforcement is probably your best bet.  Code enforcement in California has the ability to put a lien on the property if the owner fails to fix the violation(s).  Then, the lien can be used to force a sale of the property.  

@Mason Blake- I have 17 or 18 units (I keep forgetting) in the KCMO suburbs and am happy to provide any insights / assistance.  

I appreciate all the responses above, will look into the public adjustor option as the insurance thinks this is only a $40k loss.