All Forum Posts by: Connie K.

Actually, it is to my advantage to simplify, making ownership of my assets easier to file at tax time.  

I have several properties and several LLCS in both states and just tidying it up on the advice of our accountant. 

Has anyone transferred a rental from a LLc in one state to an LLC in another state? In my case I have a house in Minn owned as a foreign entity in an Ariz LLC . I want to transfer it to a Minnesota multi-member LLC. These LLCs are both owned by the same two people, so there would be no money exchanged. Just wondering if a quit claim will do it? Thank you!

Hello--I have a property in Phoenix East Valley that I am looking to sell, using a 1031 Exchange for property out-of-state of Arizona. Since the market is hot in the East Valley, I am thinking of using a seller's agent to sell this. I would love input as to pro's and con's of using a seller's agent vs conventional realtor?  What percentage of commission can I expect to pay?  Do Seller's Agents typically work with a 1031 Exchange? Thank you!

A homeowner has been in foreclosure for a couple years and has filed motions against the mortgage holder, its counsel and mortgage advisors asserting that they did not have legal authority to schedule a sale, that they failed to obtain proper, legal valid assignment of mortgage and power of sale, that the foreclosing party is in violation of Federal money laundering and wire fraud statutes, that there were violations in Truth in Lending, that he filed for bankruptcy, that he had a binding arbitration underway, etc. etc.  District court has dismissed his arguments and an auction is scheduled.  Can the mortgage holder sell it at auction at this point or does it have to wait until it's clear there is no other legal recourse for the homeowner? 

Also, there is a 6 month redemption period allowed in this state.  Would this be valid after the auction is complete?  Will the foreclosed owner still have a chance to redeem the house by paying  the mortgage holder after it is auctioned?  

I assume the successful bidder would have to legally evict the former homeowner in order to get him out.  I assume that homeowner would pursue a lawsuit against the successful bidder too?  Would he have any valid legal options at that point?

And lastly, who would be crazy enough to buy this house?  Sitting on its own merits, it's a nice house, not that old and in a good neighborhood.   

Thanks for your thoughts!

Thanks so much! We went to the door and the woman that answered is the fiancé of the owner. She claimed to be shocked by the news. We told her the owner, her fiancé, was momentarily at the auction inquiring about what happened with his house (it had already sold). I have left a text and voice message asking him to return our call. Should we just go to the next step immediately if he doesn't answer our calls?

I just attended a foreclosure sale in AZ and bought a house which is occupied. What is my next step and when can I do it? Thanks much!

Connie

Thank you, Brandon!

Hello, we are a rancher/farming family from North Dakota who first invested in East Valley Phoenix in 2010.  We purchased retail in Queen Creek beginning in 2010 and are still renting out those properties.  We are interested going forward in fix and flip wholesale properties in East Valley, Phoenix, and appreciate a forum like this that allows us to network.  Thanks to all those who formed this forum and we look forward to doing business!