All Forum Posts by: Emmanuel Garcia

Very good questions @Lorilyn B.
An unoccupied dwelling may still be considered a homesteaded property. A dwelling needn't be occupied per se to be claimed as a homestead, however, you would need to prove with undeniable certainty that there has been a total abandonment with an intention not to return. There was a football player that filed bankruptcy in the DFW area and successfully claimed a homestead that he did not occupy. It was one of his four houses.
As to struck off properties, some asset managers will clear liens and bring taxes current, and some will not. I do not think my county bothers with clearing or paying anything struck to them.
The redemption period begins when the public has notice that the sheriff's sale transpired, regardless of the outcome of the sale, and not at the time of purchase of a struck off property.

Josh, I'm interested in buying properties from the auction. And want to learn more about these properties that go for sell. Can you please give me a brief summary about the tax deed properties that was discussed here? I got a little confused . Thank you

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Originally posted by @Michael Smith:

Originally posted by @Ben Leybovich:

@David Johansen - couple of points here:

1. It's not that the banks won't lend to an LLC. Fannie and Freddie conforming notes, in other words those common residential 30-year mortgages that are sold on the secondary market about 3 seconds following origination, are mandated to be originated to an individual. In fact, they were meant for owner-occupants, but new investors like them due to the long amortization and lower interest rates. If that's your game plan, then you have no choice - you must deed the property in your name.

Furthermore, if you think that you are going to transfer ownership interest to a single member LLC following the purchase, you need to realize that you'll be triggering the Due on Sale and Acceleration in your note. There's been an awful lot of discussion of it here, and I don't want to restate...

2. Now - an LLC is an asset protection tool first and foremost. While you can elect to be taxed as an S Corp within an LLC, this is above your pay grade at this time. And as an asset protection tool, the question is - do you have considerable assets to protect? If not, why bother...so goes the thinking :)

Good luck!

Ben, Thanks for bringing up the 'Due on Sale' clause. So are you saying as soon as I deed my rental properties into my new LLC the bank could come knocking at my door asking for full payment? I should add, I'm doing this research because I am planning to open an LLC as the parent 'property mngt' LLC and then have my three rentals in another LLC. Perhaps only three properties doesn't rate LLC structure this way but I am planning for future growth. Thanks in advance for your reply.

Michael, If I have my rental properties under LLC, can I withdrawn money from that account anytime for personal use?

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Originally posted by @Jimmy S.:

I started when I was 21. I bought my 1st investment property and you name it, it needed it done. It was a fixer upper. I still do and did everything my self. I rarely hire anyone to do anything. I own 4 properties now and im 25. I always worked part time 20-30hrs a week and do my rental stuff in the afternoon, hoping to add 1 property a year. I never went to college, got started by watching all the real estate shows . My favorite one is flipping las vegas.

Good to hear that that you're doing good on the rental property. Ive started doing some investments and my plan is to owned rental properties. My question is if I have them as LLC, can I withdrawn fund from that account anytime for my personal?

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If I owned rental properties and have them as a LLC only member, can I withdraw money at any time for personal use?

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All Forum Posts by: Emmanuel Garcia

Emmanuel Garcia has started 1 posts and replied 4 times.

Post: Tax Deeds in Texas

Post: LLC Question

Post: Calling all investors 30 years old and younger

Post: rental properties LLC