All Forum Posts by: Brandon Shewbridge

Scenario

A 401K loan was for partial funding on a personal hard money loan.  The loan was defaulted on and the result was a total loss. The 401K loan was converted to a distribution when switching jobs so prepayment penalties were incurred.  Can the early withdrawal penalties be claimed as a loss for the year in which they are paid?

I have an opportunity to rent out a property to a corporation to house employees on a temporary basis. This is likely to be an extended term lease (multiple years) and I would like to structure it such that the corporation is responsible for the maintenance and upkeep of the property as a traditional commercial lease in a triple net environment would read. (This is not a true triple net as we will be covering taxes, and insurance.)  I'm looking for the lease to cover all structural, mechanical systems, electrical, plumbing, appliances, interior, exterior, roof, landscape, hardscape, etc.

I have an existing lease already that is solid, but I am looking for Clause samples with T's and C's for the maintenance component. If anybody has anything they would like to share it would be greatly appreciated.

Thanks Jay.  The lot in current condition is worth about 1/2 of what I am in it for at this point so I do expect some potential losses.   On the other hand, I think that there are assets there to be had.  He personally owns property with a new house assessed at $550K.  Since he is a contractor, i suspect there is some equity there.  

Assuming it is uncontested, a foreclosure will likely take 60 days.  Is it possible to file for a lien against other assets pre-foreclosure with a collections judgement?

There is a potential that I may need to foreclose on a property that I provided a HML on. This was a deal where the contractor purchased the property and I provided the capital for rehab.  I've know the contractor for for a number of years and he has done work for me in the past.  All due diligence looked good on this opportunity.  The property was gutted down to a shell and was supposed to be a pop top, but progress stopped after the demo work and I cannot get a call or text back from the contractor. 

I'd like to get some communication from him to see if it is just an issue with needing more time or if there is something else going on so I can decide how best to proceed.  I would even consider deed in lieu + some cash to get even so I can avoid the foreclosure costs.  The note was due Friday and signs aren't looking good based on property status and lack of communication.  I have a few questions for those in the know:

1) Can someone recommend a good foreclosure attorney in the Norfolk, Virginia Beach, Chesapeake, Hampton, Newport news Portsmouth, Virginia area?  I would like to at least have an initial consult to get a feel for costs and process.

2) The deal was with the investor's LLC. If the property value is less than the note value, can I go after the investor directly, or am I limited to the LLC assets only? This is likely a single member LLC so is it possible to "pierce the veil" here?

Thanks in advance.

Anyone?

Yes.  He purchased the original house/ lot and I provided the rehab money.  It is approx a 40/60 split with my investment being 60%

There is a potential that I may need to foreclose on a property that I provided a HML on. I have about a week left until the note is due, but signs aren't looking good based on property status and lack of communication. The property was gutted down to a shell and was supposed to be a pop top, but progress stopped after the demo work. I have a few questions for those in the know:

1) Can someone ballpark me on the costs to foreclose in Va.  I have a 1st position note with Deed of Trust filed with the city.  I will seek deed in lieu first if possible, but I would like an estimate so I can prepare.

2) The deal was with the investor's LLC. If the property value is less than the note value, can I go after the investor directly, or am I limited to the LLC assets only? This is likely a single member LLC so is it possible to "pierce the veil" here?

Thanks in advance.

An LLC was created in VA solely to purchase, own, and manage a single commercial office building in 1999. Each member owns 50% of the LLC. If the members want to sell the building, are they better of selling the building or selling the LLC that owns the building for capital gains purposes (or does it even matter)?

How would carrying a full or partial note on the building affect capital gains?  Thanks in advance...

Why don't you call his former landlord and ask if the tenant was 26 or 62 to verify his story?

Interesting article from Bloomberg.  Weren't many of the mortgage backed securities rated AAA too.

http://www.bloomberg.com/news/articles/2016-10-13/...