All Forum Posts by: Ellie T.

@Omer Zakai Did you find the contacts you were looking for? would love to connect.  I'm also looking to invest in similar properties as you.  Le'histamea... Yaeli

Here's my thinking- we all get told to create LLCs to protect ourselves. But please raise your hand if you ever got sued and the LLC protected you? can you share what happened?

I'm asking because I own 3 properties in FL, under my LLC (which i never even got umbrella coverage for- just insurance for properties), and now I'm looking to pick up properties in other states- so I'm getting told to create LLCs in other states too.

So please tell me- How many of you actually got sued? and did the LLC protect you? is this just a best practice with no real data of law suits by tenants behind it? the costs of establishing, insuring and filing returns for all these LLC's is becoming a concern.

@Symone Gordon I did use my heloc

And bought 3 properties in “cash”. I fully paid off my heloc from the rents and doing a cash out refi (the price appreciated like crazy) and using it to buy more properties now.

Very happy to connect! DM me :)

Can anyone recommend an experienced CPA in MA that is familiar with RE trusts ? Need someone who has dealt with multi-million deals and tax implications for a customer of mine.

TIA!

Since the house doesn't make sense for owner/occupier due to settlement, and currently rented, the realtor suggested on going direct to investors. Will see what offers they come back with after inspection and decide then. Tenant will be out by end of august so might make sense to put on MLS after.

@Mike Hern funny enough it actually wouldn’t matter if they paid to fix or not. Mitigated or not the house will always sell under market value because of the blemish.

@Account Closed its a home where previous owners reported as having settlement issues/sink hole, got an engineering company to write up a report, submitted it to the insurance company, and pocketed the money- never correcting any supposed issues.  This was a play that lots of owners ran a couple decades ago.

Multiple inspections came up as clean- totally normal settlement.  No issues with the house at all.  However, due to the "unmitigated settlement" the house is now blemished, meaning buyer/occupiers will have a hard time getting insurance/mortgages.  It's possible, but more difficult.

For investors, we get to buy the house for less than market value, and charge rents that are at normal market value.  So you will find most often settlement homes are owned by investors.

I'm selling a house I own in Florida (tenant occupied). It's a great property, but the sale is off MLS, and needs to be an investors only, cash deal, since it's a settlement home.

Already got one offer from cashgeeks. Anyone work with them? I'm concerned that they didn't acknowledge that they are aware of the settlement on the offer, and if I accept the offer I lock the house for other offers while they inspect, and then they come back with a much lower price.  The offer they gave is already well below market value. 

Any tips?

https://www.biggerpockets.com/...

I own a house with settlement issues, after previous owners filed a sinkhole claim with their insurance company 20 years ago. The insurance paid out, but the work to mitigate was never done. Not that it was needed… multiple inspections since show normal settlement and nothing that indicates a sinkhole.

I would like to sell the property for fair market value, however I understand that with the “sinkhole” history the house will sell cash only, 15-20% under market value, since owner/occupiers will have challenges getting insurance and financing.

Any ideas how to remove this blemish? Is it even possible?