All Forum Posts by: Dennis J Marsack

Thank you Matt Motil for the advice. I guess at this point it can’t hurt to dig a bit further.. 

Dennis

Scott Mathew C.

Thanks for the reply. So she bought the property from hud 7 years ago. Part of the deal was she didn’t have to pay property taxes for 5 years. The last 2 years she has been responsible for the taxes and hasn’t paid. I’ve heard people say “stay away from hud properties “ do you think I should Perdue it? I think there is lots of profit potential.. but don’t want to waste my time. 

Thanks again.

Great Jeff! Thanks for the advice! That's kinda what I was thinking but wanted to be sure. 

Thanks again.

Dennis

Hey guys and girls, I'm new to the REI world and super excited to land that first deal. My Question is.. Should I start our LLC before or after our first purchase? And should I purchase the house under the business name? I ask because the LLC will be a partnership between my fiance and I. My credit is pretty good so I don't think I'd have a problem pulling a second mortgage, (1st mortgage is the house we live in) however her credit is not the greatest. She's working on it and it's getting better but still mid 600's. So would the fact that both our names would be in the LLC affect our approval odds? Or should we pick up that first house in my name alone and transfer the title to the business later? Also the down payment would most likely be coming out of her 401K sooo... just trying to weigh the pro's and cons here..

Any advice you can give will be greatly appreciated! 

Thanks and Happy Investing!

Dennis 

Thanks Jeff! I truly am excited about this new realm we are entering! It’s as if the fog has lifted and suddenly my true path to success is becoming visible! Just wish I would’ve started years ago.. but hey, better late than never! 

Hey Jake. Great to see a fellow Michigander on here! I hope the weather is better over on the west side! 

Hello all! 

Greetings from Port Huron Michigan! My fiance recently talked me into going to some real estate seminars locally and I have been hooked ever since! Turns out the seminars were nothing more than high pressure sales pitches promising over night success and riches beyond belief. They were very persuasive but in the end my gut feelings won out and luckily we did not purchase the $30k mentoring program! So glad we didn't! None the less it got me hooked! Trying to find and figure out that first deal has been all consuming for like the last month. I've been reading, researching and scouring the neighborhood every free chance I get! A friend turned me on to BP and I gotta give it up to Josh Dorkin! The info I've learned in just the last few days is priceless!! At this point I think our ultimate focus is going to be on rental properties, however wholesaling is triggering my curiosity is well. Mainly because I'm stretched pretty thin on extra cash! At any rate, I've been driving around looking for distressed properties, and yesterday I started searching public tax records to find homes with delinquent taxes. Today I came across a house (right down the street from where I live) that the owner is about $3000 behind on taxes. It looks like she's been struggling the last few years. She bought the home from HUD in 2011 for $10,500. It's a 4 bd 1.5 bth. and is most likely worth $75 -$90k as it sits. Good neighborhood close to the beach. My question is, it was purchased on a covenant deed... I'm sure that means there are restrictions on what she can do with the property.. should I pursue this lead or let it lie? Anyways thanks for reading and any advice is greatly appreciated!