All Forum Posts by: Chrissy Gray

@Ryan Fox Got it! Sounds like submitting a proof of claim in the BK is definitely the way to go. Truly appreciate this info! Thanks so much

@Ryan Fox @Jay Hinrichs Thank you for both of your comments. What risk do his father and I have if we do nothing about this? Since the land is in all three of our names can the BK trustee still take the land? Or would they just potentially take my friend's 1/3 share of equity? It's located in the high desert (White Hills AZ) and worth about $25k.

Good learning lesson!

Thank you for your help!

@Ryan Fox - Thanks for your feedback! I had a feeling that was unlikely. I am confused what his lawyer meant by "his father can take steps to "foreclose" on his interest in the property." Any ideas? His lawyer has been vague and not great at communication which is why I came to this forum. But the situation may just be too complicated for simple answers. Appreciate any thoughts you might have.

2 years ago I purchased an acre of land in Arizona with a friend. Their father agreed to pay cash for it and my friend and I are now paying him back over the course of 6 years. All 3 of our names are currently on the title and the agreement was, once the loan is paid in full to his father, he would be removed from the title.

Now my friend is going through a bankruptcy so we want to remove him completely from the land. His lawyer simply said "his father can take steps to "foreclose" on his interest in the property." Does anyone know what the best/quickest/least expensive way to achieve this is? Can we just do a Quitclaim Deed to remove him? Or is some other method more appropriate?

Thank you!

Hi All,

I am about to close on my first investment property in Myrtle Beach, SC with 2 equal partners. We plan to create an LLC Partnership for the property.

They are both located in CA and I am in NV, but plan to relocate to CA eventually, so we're thinking setting up our LLC in CA makes the most sense - are we correct here, or should the LLC be set up in SC?

When looking for an attorney to help with the Operating Agreement, do you think one in SC would be better equipped due to state specific real estate law? Or would a CA attorney be able to help us just the same?

Any attorney referrals would be greatly appreciated as well.

Thank you!

My partner and I are researching potential areas to purchase an STR or LTR in the south and will be traveling through Chattanooga on July 25. We would love to meet with an agent who specializes in this area while we are there. Please reach out if you're interested/available. Thanks!

My partner and I are researching potential areas to purchase an STR or LTR in the south and will be traveling through Macon and Augusta, GA on July 20 - 21. We would love to meet with an agent who specializes in those cities while we are there. Please reach out if you're interested/available. Thanks!