All Forum Posts by: Trent Mettenbrink

@ William Hochstedler

Thanks for the reply.  Yeah the home is in a complete mess. I think we will take the chance knowing that she is in health and financial troubles and move on. We don't have access to an out building and the amount of garbage has filled 2 30' rolloffs.  The cats and dogs have peed and pooped on everything. It's almost a biohazard area. :) We are going to try to save any personal belongings but from what the neighbor told us she just up and left one day, checked her animals into the humane society and they never saw her again and that was over a 1 1/2 ago.  Storage for all of her stuff would cost a fortune. So I think we'll use the grey area and proceed ahead. It is unfortunate but with the way she was living and the unsanitary conditions of the house and think we'll be fine.  We do have the home registered and deeded to us at this time so there shouldn't be any problems that way.  Thanks for the input.

Mindy thanks. Tell me this, why does the previous owner of the home become a "tenant"? There has never been an agreement between the two parties on the usage of the home. 

Thanks. Yeah we went ahead and filled a 30' roll off dumpster and I'm sure there will be two more. We held back what we could without taking too much time and pitched the rest. I think that'll give any heirs time to contact us before we pitch the sentimental items. Thanks for the advice.

Thanks for the advice.  I know that flipping is not an emotional process but it is hard not to feel for the gal when you are throwing away childhood keepsakes and birth certificates.  Even though she lived like a hoarder in filth, it's the humane side of you that wants to do her well.

Thanks Johnathan. Yeah we've called all the investors we know I the area too and everyone kind of scratches their head. I kid but it's a bit like storage wars and flip or flop all at once. :)

My business partner and I bought a foreclosed property on Monday and settled the next day with the trustee of the sale.  The deed was then mailed to our home and we will file it this week.  It seemed like a cut and done deal with one little snag.  Once we were able to get into the property it is filled with personal belongings.  Not to mention garbage cans of cat and dog poop and mountains of garbage and food!  The owner fell ill and from what we understand was taken by ambulance but never returned home.  She was single and doesn't have any living family (that we know of)  to take possession of her things.  There is a car in the driveway, furniture, sewing kits galore, and some family heirlooms.  There isn't much of value inside but there is a set of china that could bring some money.  She hasn't lived there since March of 2015 and no one has been back. The utilities have all been cut.We've searched the records and can't find an obituary for her.  Our lawyers and realtors do not have a solid answer as what we do with the personal property.  Is this stuff ours?  Can we dump it? Do we need to post it in the paper for 30-90 days like an eviction?  Any advice?

Thanks. I ended up going with an LLC and umbrella coverage for protection. Our attorney thought it was unnecessary for a seperate entity for every property. Once we establish enough wealth in property he thought trusts would be the way to go at that time. But as we are just beginning one LLC would be just fine.

If the LLC is the way to go in regards to each rental property commercial or residential. Did you have your attorney write up all of the paperwork or were you able to file it yourself. I think there is a considerable savings if you'd file it yourself. Also, with those that do have the LLC's is the insurance about the same as having personal insurance? Thanks

We are new investors and are looking to set things up the right way. Our plan is the buy one or two properties a year. After talking to our accountant he recommended that each property by under its own LLC to protect the other properties in case of a lawsuit. Has anyone had experience with this or is there a better way?