All Forum Posts by: NA N.

Thanks for the reply and congrats on the short sales..

I put an offer on a Short Sale with Chase for an investor and remember the negotiator pretty much yelled the they would not allow investors making offers. Things probably changed a lot.. but that was 2010 and they didn't want an LLC as the buyer. Go figure.

I need to start looking for ways to get private lenders.. good luck with the short-flips

Best

Brian Burke

You are spot on Brian.

I like your suggestion on the name of the LLC. I have considered the approach of bringing investors that would feel my LLC is more serious than not. Name can say a lot about the owner. Although I gotta tell you, being a musician at heart (who's not in Nashville LOL) I have gotten very insightful about my potential names. :)
But I agree with you.

As for the privacy points.
You are again spot on. Here in my state you can see on the .gov website what address is registered, the registered agent, how many members and if it is member managed or manager managed. Even the even history where they make address changes, member changes, etc... not private at all!

So truly If I wanted complete privacy, from public records at .gov least, I should have a close relative/friend be the registered agent.

And if I wanted privacy from Deed related records, I should have that same friend as a "manager". Make the LLC "manager managed" and bring this person to closings to sign the deeds Correct?

If this works.. is that mean that my friend would have an interest on the LLC? or as manager managed they have "signature privileges only? Would this mean that now the LLC is a 2 member LLC? I really need it to be just me and not have get this person any tax consequence.

Sorry so many questions. but you have helped me narrow it down very precisely and I appreciate it. Thanks a lot!

This is exactly what I am thinking David when I see a short sale that looks good to flip and then I just move on to analyze the next REO instead.
It will take too long and in the end I may not get it due to more likely an incompetent listing agent not pushing through and following up enough with the short sale dept and then the home forecloses.
All this time I could have looked at faster closing REOs.

Well, I have been thinking this way because I am using my own cash, which is limited.

So I wonder, JScott and Bryan A., Do you guys have a huge piggy bank so you can buy today and whenever the short sale is approved too, OR you guys have in place a couple of investors that loans you money whenever your cash is tied up on other project, but a deal comes up?

Man I am like a sponge absorbing at the light of speed here at biggerpockets.. what a cool forum.. thanks for the information!! Seriously grateful.

you guys have nailed it. Thank you

I need to change my strategy when looking for REOs.. .

I live on the "auto notification" so I get email at midnight when a new home that qualifies under my criteria hits the market.

Focusing on this way of searching gives ma what's "hot and gone" (new patented cool phrase :) ).. and almost all of the time it is by Owner Occupied buyers, who snatch them from my fingers.

I am going to focus on the BOM (back on market) and also start "saving" the new ones that I consider good flips and keep a close eye for when/if they come back on the market.

Thing is.. that as you mention JScott, I should focus on the ones that don't qualify for FHA, but most of the time you have to actually go "see" the house in person to determine if it won't pass FHA.. as in my experience in my area most listing agents won't state it won't pass (few do though) on the listing remarks and won't post pictures that show the real damage so one can spot it by pictures.

They will allow the buyer to get it under contract and "see what happens" because it might just be on the verge of passing FHA.

Just today this happened while I am helping a buyer buy an REO.. the house didn't have half a roof.. but the picture on the listing showed just the portion of the house with the roof. A waste of time.. you gotta love your REO listing agent.. LOL.. you know how it goes..

Thanks folks

Hi Jon, no I am referring to bank owned properties listed for sale on the MLS.

I'm guessing there is workaround of some sort that investors are using to make offers as soon as they hit the market despite the banks having Owner occupied periods in the beginning.

thanks

I am finding it VERY difficult to even be able to bid on REO properties that I know are going to be good flips.

Simply because these homes will have a restrictions not allowing investor offers for 10 days or even 30 days, etc..

So by then, the homes are under contract by supposedly "owner occupied" buyers, not investors.

Could you please tell me how are you bidding and buying these homes despite these restrictions?

Iis there a way to get around this? Please share....

thanks a lot!

Hello,

May I please get some feedback ?

I am in the process of forming my LLC in order to buy and flip homes and I had a few questions and concerns.

1) If you could go back and rename your current LLC in which you buy and sell real estate, would you choose a different name? Would you choose a more fun or unique, maybe a fictitious persons name if that is even allowed or legal?
I have several ideas, but not sure they are appropriate or would be too farfetched.

2) How can I get my LLC to be as separate from me as possible in terms of privacy?
I am a very private individual and don't want nosy people to be able link my LLC to me in any way. Is this possible at all? It will be a 1 member LLC, which will be me.

3) People can see the deed as public record. Can you only use your title as managing member alone and sign using your fast short signature that doesn't read your name? you know that garbled signature,,

I am trying to keep this one man operation, so I don't have anyone I could use as representative for the LLC and have them sign.

thats all.. any input will be much appreciated.

Thanks a lot

I'll tell you what I've been seeing other investors do over the years in my area.

I have seen a few "successful" players/investors buy all over the place, not focusing in one area. You can be waiting forever for the right deal if you only focus on one area. This is what I've seen, in my market.

What I have concluded that makes the difference is a combination of buying at a great discount AND that your rehab leaves the home looking "fresh" and "modern" so that your home is the best looking one in the area it sits. This way buyers drool over the fixtures, hardwood floors and overall updated feel of the house.
I've seen those homes sell in areas I thought they were bad for a flip. That is just my experience though after years of seeing what is selling and what sits.

@jscott

That is a great way to look at it. Good point. I am just a very private individual. :)

I just need to lay down my game plan correctly. Thanks for the input.

When you make an offer do you put your LLC on the offer or you put your personal name and then when contract is accepted you tell them you want to change to LLC?

And are you paying yourself a commission or you let the listing agent have both sides?

thanks folks

@JScott

I am looking for my first rehab, but have had a license for a few years now.

So I am wondering if you buy in your name and then list it yourself as well on the MLS?

In my MLS you have to mark the listing type as "Owner Agent", which I think doesn't help you very much and can create unwanted attention.

@Brian P.

Are you having the co-opp agent, who also is a flat fee agent, list it for sale as primary agent and hence avoiding listing it as "owner agent" . If not, then what is the benefit to you to have a co-op agent and pay them even a flat fee?

Thanks a lot !!! I look forward to getting involved in this forum.. really good people here. I can tell.