All Forum Posts by: Steve S.

Hi Kaz,

Sorry I missed your question for so long (I didn't see any notification that there was activity in this thread).  I got introduced to the opportunity through a local real estate investment club (http://sjrei.org/).  The investment that I was exposed to requires that one be an accredited investor to invest.

I have an opportunity to loan money to an investor secured by about ten rental properties in Illinois, and am looking for an attorney who can provide the support needed to make this happen.

I need support for tasks such as drafting the promissory note and the mortgage, recording the mortgage, etc., generally making sure this is done right.  Also for guidance and assistance in various due diligence, such as making sure my mortgage is first in line, making sure there are no tax liens or outstanding property taxes, obtaining title insurance, etc.

Thanks in advance !

I am looking for someone trustworthy to take a trip to a property that I am rehabbing, and report on the status of the rehab and take a few pictures.

Does anyone have any recommendations?

I have a question about investing in a syndicate to purchase a commercial property. The syndicate I am considering investing in raises money by selling shares in an LLC, and the money is used by the LLC to purchase the property with remaining funds used for operating expenses.

My question is why are these funds not sent to escrow? It seems like it would be safer for investors if our money was sent to escrow, and once the shares are sufficiently sold and the LLC fully funded, the property can be purchased with the escrow funds with the remaining funds being transferred to the LLC to cover operating expenses.

Is it common for money for a syndication to flow as I describe above (ie from the investor directly into the LLC)? If this is common, it seems to leave investors more susceptible to fraud, as the LLC managers could conceivably pull the funds out of the LLC and abscond with the money without ever having purchased the property.

Thanks in advance for any insight or guidance that is provided !