All Forum Posts by: Sean O'Gorman

@Tammy Donivan, congrats on the success. Can you share what resources you used to help you setup up your PM company? Did you find any books that are good? Did you end up joining NARPM or using landlordsource.com? 

I agree with @Scott Schultz, nowadays there is no hiding.

@Sedrick Hay, selling an LLC membership share may be possible but this is going to depend on the LLC's operating agreement. Sometimes there may exist a right of first refusal or right of first offer which would come into play before someone might be able to sell his/her interest. Have you looked at your operating agreement?

Congrats!

@Jesse Carreon, welcome to BP. 

@Mark Strobel, I agree with @Al Williamson about trying to hold money in escrow, however as for the eviction process you could just ask seller for an assignment of rights as to the eviction of this Tenant. Then you get to step into the Seller's shoes at where he left off with the eviction once you close. Concern is always any counterclaims tenant may have will be a bear to deal with, but it can save you some time at least with not having to start the eviction process over again. Also, it might be worth considering asking the Seller to cash for keys this tenant, might be good for both parties, saves you from having to deal with eviction and him from having to put money into escrow until eviction is settled.

Please note this is not legal advice nor should it be construed as such. 

@Lance Penniston welcome to BP.

@Ryan Moore, the regulation I believe they are referring to is TRID and I don't believe TRID (TILA RESPA Intergrated Disclosure Rule) prevents them from putting the security deposits and pro-rated rents on the CD (Closing Disclosure), I think the problem is they don't want to put them in because they are technically transferring outside of the loan (i.e. meaning it is not a condition of financing). If that is the case, then you may just be stuck with waiting to sign until they transfer the funds. However, I can't stress enough that you should wait until their transferred before signing.  

@Yenlan Patton, yes bar card = a licensed attorney. Why not hire an attorney for this one? Yes, it will cost you more but at least you know it will be done correctly and not thrown out on a technicality. In addition this will also be a learning experience so next time you will know how to do it and will not need to hire an attorney. Just my two cents 

@Ryan Moore, are they not showing up as adjustments on your CD/HUD-1? Word of advice don't close without them.