All Forum Posts by: Dan McCluskey

Bryan, thanks for the reply.

I need to correct myself, you are right.  It's a mile from from GA state line she said.  Sorry.

I know she has it "listed" at $25,000, but I'm sure the listing has commission, etc., baked into the price.  Says the listing is up in September and would be able to negotiate a better price once that's up.

She says is needs a "little" work, but claims it has hardwood floors.  Has been renting it at $450/month, but ran into a little problem with the tenants and had to hire an attorney to get things kick started.  She claims she simply can't manage a property 650 miles away.

Her husband moved to St. Louis and lives up here now.  I know they want to get this off their backs.

If you, or anyone you may know, have interest, let me know and I can put you in touch and see if something may work out for everyone.

Let me know what you think, Bryan.  And, thanks again for the reply.

Regards,

Dan

I have a friend with a property in Lanett, AL that is having problems with rent and trying to manage from the St. Louis, MO area.

She said the property is about an hour from the GA state line and was wondering if any BP members are active in this area?

Trying to get some info for her and said I'd check around.

Thanks in advance for any feedback.

Dan

Chad:

Saw your post about courthouse auctions.

Here are a couple of sites I look through to see if there's anything worthwhile.

http://publicnotices.molawyersmedia.com/

http://www.substitutetrusteecorp.com/sales.php

The first one can be time consuming, but you can find some that might be worthwhile.

I've found some of the main website, Hubzu, Auction, and HomePath to be easier to find foreclosures.

The courthouse can be a pain.  About 3 pros rule that market.  The auction sites can be a pain, too, but easier to land a deal than dealing with the courthouse clowns.

Hope the info helps.

Dan

No argument there, Dawn. 

I have a friend who gets short-term loans from a bank to do some purchase/flips.  I'm working on a home equity credit line.  Only problem, Chase, the original lender, has no clue what the "real" market value of our property is.  They, and Bank of America, are ridiculous.

I'd prefer partnering, JV'ing, or splitting profits with an investor.

Thanks for the suggestion.  Always appreciated.

I'm coming across some attractive opportunities in the St. Louis area with foreclosure auctions. 

I'm looking for investors wishing to partner in deals.  Anyone know the best way of attracting funds to get the deals done?

Added to the REI Clubs, I'd also get your offer in front of any neighborhood association the area may have.

I would also look for any contractors working on properties nearby, and see if you can get the names of their employers.  Most likely, they're investors who may be interested in looking at the property you're offering.

The more, the merrier.

Scavaging through a derelict property?   You're a better man than I am, that's for sure.

I was curious where the property was located, Ryan?  Also, what areas do you scout the most?

I have a client wanting to sell a 4 family in DEEP south St. Louis.  Dutchtown South.

Any interest in that area?

Let me know how the derelict property you looked at turned out.  Always been leery with properties needing so much capital improvement.  Hope it worked out well.

Dan

@Ryan Dossey - makes perfect sense. I didn't see anything in their Operating Agreement relating to disposal of real estate, or any other asset, only as it relates to the sale of the LLC, which is NOT allowed solely by the Managing Member.

All 3 will show.  Problem solved.  :)

@Christopher Mendoza - my bad. Keep confusing those LP/LLP's with LLC's....you are correct. The LLC has a "Managing Member", which is what I hastily overlooked.

I am not a lawyer and interpreting the Operating Agreement is not what I plan on getting involved at this stage of the game. Hence, my comfort in requesting ALL members of the LLC be present for closing.

If all 3 signatures will be required, they'll be there to comply.  If not, better to have them and not need them, than need and not have.

Thanks for the clarification, and input.  Greatly appreciated.

Dan