All Forum Posts by: Account Closed

@Daniel Raposo

Listen to the audio book "Loop holes in real estate" to get the answers you seek.  Well worth the money.

In short, if someone sues you personally in many state, the judgment creditor can take control of you LLC and force the sale of its assets to collect the debt.

In Nevada they cannot take control of your llc, rather only receive disbursements.  If you, as you would, decide to give yourself payroll instead the creditor cannot collect. 

The Nevada llc acts as a deterrent for a lawyer to go after because they cannot easily collect the money even if they win.

Taxes?  Nevada does not have a state income tax, I think.

Keep this in mind. You may find your local bank will not loan money to you, if you have a foreign owned LLC. This has happened to me.

@Amy Lu

You wrote:

From the science and engineering point of view, the flow rate of 242.58 gallon per hour is impossible.

Why did you write this?  As another member wrote it is only 4 gallons/min.  That is usually the minimum the banks require for flow rate during a home inspection. 

I have known of tenants deliberately turning on the water to hurt the landlord.  An chance this is the case? 

@Shari Lawson

I had a house I bought and it said the property was 4.2 acres.  We listed it as that and it sold.  Later on the new buyer's friend was over and said the lot looked to small for 4.2.  The buyers had it surveyed and it came back as 2.4.

My realtor was great, because she never let me know until a year later when I asked her to sell another house. 

In any event the buyers talked about taking me and the realtor/broker to court.  In the end they dropped it. 

The broker felt we had little to worry about, since the country records has it as 4.2 acres.

Good luck. 

@Michael O'Connell

Being a new job is not a big deal so long as your new employment is in the same field.  That's what my commercial loan officer said.

Has anyone had any luck in the Pittsburgh area regarding sheriff sales?

Yeah, my did not love me so I never started.

@Robert Spohn

Under Community, there is a find members in your area.  Use this to make some friends.

Welcome.  

@Lisa Marie

I agree with it not being a big deal but to address the disclosure side.

If your sell did nothing to hide the issue from the inspector and the inspector himself missed it, the problem was probably beyond the scope of what the home owner would know about and disclose.  You would more than likely loose that battle.

@Brian Burke

 That is excellent advice .  Doing that never occurred to me .    So what you're saying is if you see your mentioned indicators one can conclude that the property was truly conveyed without encumbrances.  

As you might expect this property was quick claim deeded  from something like parents to child       That's really why I found it      If I see a normal warranty deed I only do a current owner  search 

Thanks all. Yes in this case the LOC was setup years before the defaulted mortgage. Under a previous owner. Good thing I did not limit myself to a current owner search on this one.

@Brian Burke   I agree.    I could live with the 25k still needing to be paid off.   I am concerned it has become something much larger.   

So no way of knowing.   

Tx all