All Forum Posts by: Bonnie Y.

I'm close to making my first ever investment purchase, which turns out to be a tax sale. I thought the only downside is I won't be able to cash out on it during the redemption period.  Now more and more questions are popping up. Here are a couple.

1. Supposed I put in $50k on the renovation of a property which I bought for $30k, if the seller decides to pay off the tax and buy back the house, does he pay $30k or $80k plus interest/penalty?

2. How often does it happen that the seller actually come back with cash and buy back the property?

3. Are there any other pitfalls before I get clear title on the property?

Thanks, BP community!

Any thoughts on this? Thanks in advance!

and a silly question --how do u tag someone here? If you would like to respond to someone in this thread and want to do "@" someone. I somehow can't find it in the tool.

I'm just trying to put properties in different states under one LLC.

Thanks everyone. Just to be clear, this means I can set up on one LLC in FL and register it with any other state to purchase property in that state. I thought maybe there is a matrix relationship where LLC in certain states can only buy in certain other states. Looks any LLC can buy out of state property as long as it's registered in the foreign state. Is this correct?

Can someone tell me if there is a public information board online to find out if a Florida LLC can buy rental property in other states, such as Ohio and NC? I could ask a lawyer but thought maybe this is pretty straight forward info I can go to the source directly? Thank you for your help, BP community!

Thanks, David and Bret. So it sounds like I can set up the LLC in any state without a lawyer or by working with a lawyer at any state. However if the property is located in TX, i should hire a lawyer in TX to review the paperwork. The location of the seller's LLC is not as relevant. Is my understanding correct?

Hello BP community,

I'm a newcomer to BP and brand new to RE investing. For the short time I've been a member of BP, I've learned quite a bit. This will be my first post for advice, maybe very basic questions.  Thank you in advance for your input!

I need some help with setting up a LLC. Do I need a lawyer for that? Can someone recommend one? I also need a lawyer to review some legal paper, such as private lending, joint venture etc. Here I'm a little confused. Say I live in NY, the property I want to invest in is in Teax and the company I want to buy it from is registered in Illinois. I heard RE law is very state specific. Does this mean I need a lawyer who is licensed in all three states? Or might I need multiple lawyers?

Thank you very much!

Bonnie