All Forum Posts by: Sebastian Taylor

Here is what my agent received just recently: "Please send me the name of the signer for the property that you submitted a contract on at 123 Main St. Also send me the company business information showing the signer is legally eligible to sign."

What do you all send in this case? The whole operating agreement with all attachments? Seems an overkill to me, but what else do agents or banks accept? Do I need to create the Certificate of Incumbency and get it notarized?

I send complete Operating Agreement, but I feel I expose too much information.

 Are you sure you can finance a property in the area on your terms?

Each LLC should have its own bank checking account

Would you explain why? What do you want to achieve that is not possible by openng an MD LLC?

Check if your current 401k plan allows in-service distribution. If yes, then open SOLO 401k and transfer your balance to it. If not - SOL.

Am I the only one who thinks this is not a deal?

Buy for 40k, Rehab for 30k, Rehab Cushion at least 5k, rent max 1200/month... You should have either:

1) Bought for 20k and rehab for 30k (deals like that pop up every once in a while), or

2) If you've bought it for 40k, your max renovation budget is 10k. There are plenty of properties that are almost rent-ready for 40k, and they most likely already have a lead cert.

And, I believe but I am not sure, there are plenty of rent-ready turn key properties in Belair-Edison for sale for less than 70k.

Correct me if I am wrong, I don't have any rentals.

No, I did not. Maryland does not require an Operating Agreement for an LLC, and it does not need to be submitted anywhere if it exists. And the only document that authorizes me as a manager is an Operating Agreement. Looks like without showing an operating agreement I cannot prove that I am a manager of an LLC.

This is weird. What if somebody else creates a fake OA and puts himself as a manager?

It is interesting how bigger companies go around that.

Seller wants a proof that I can sign for a company (llc) that buys real estate. I usually send them an operating agreement.

What if I don't want to disclose the owners? I am a manager in manager-managed LLC.

Any advice?

 I hear you. But this is why I am asking what price is reasonable. $450.00/sq is unreasonable. $2,500.00 per 100 linear ft of gutters and 4 downspouts is unreasonable. What price is reasonable?

 Here is what I have in my HD cart for that project:

7/16 in. x 48 in. x 8ft. Oriented Strand Board $11.55 14 $161.70
Grip-Rite 1-1/4 in. Smooth Galvanized Collated Roofing Nails (7,200-Pack) $19.98 1 $19.98
Amerimax Home Products F4-1/2 White Aluminium Drip Edge $3.74 2 $7.48
Amerimax Home Products C3 White Aluminum Drip Edge $3.11 16 $49.76
GAF Pro-Start Eave and Rake Starter Strip Shingles $37.86 2 $75.72
Warrior Roofing #30 216 sq. ft. Felt Roof Deck Protection $18.53 7 $129.71
GAF Royal Sovereign Charcoal 25-Year 3-Tab Shingles (33.33 sq. ft. per Bundle) $23.40 48 $1,123.20
TOTAL: $1,567.55