All Forum Posts by: Eric Pinter

are there any other liens on the property?  message me.

It seems the responses kind of got lost in the weeds before giving a decent overview.  Sometimes us attorneys do that.  We just can't help ourselves.  I'll try a very short one to the original poster.  

When entering the world of trying to raise money from anyone (strangers & family alike), you MAY tread into securities law.  Raising money can mean borrowing money from one or many investors, or selling "shares" or "equity" in any type of entity or project.  There are FEDERAL securities regulations (think SEC) as well as STATE regulations & laws.  STATES have their own securities departments or commissions.  It is your duty to adhere to BOTH STATE & FEDERAL.  The rules do not always mesh, depending on your state.  However, the FEDERAL laws always apply, even if your state says something different.  And sometimes the FEDERAL regs may be silent on a topic, but your STATE may have plenty to say about it.  The Arkansas Securities Department has come down pretty hard on some real estate investors who raised (or tried to raise) $ from in state and out of state investors.  They have also come down hard on out of state groups trying to raise money from investors in Arkansas.

All that being said, this is not the forum for specific legal advice.  For that, you need to see a qualified securities attorney in YOUR STATE.  

Hope this helps.

LR is a great place to buy.  I suggest avoiding the turnkey model though.  You can do better on your own.  I use Callahan Property Management for the rentals that I do not manage myself.

@Josh Eason

I make it very clear upfront that I am a licensed broker, but I am interested in buying their house, not listing it for sale.  I also tell them straight up that they can probably get more money if they list their house for sale with a regular Realtor.  I say that I go fast, use cash, and buy as-is, so if you want to go with me, you'll get less but it will be easier.

Josh Eason handles all of mine.  Eason Law Firm in Little Rock

I buy all over the place.  It wasn't Van Buren OVER Little Rock, it was Van Buren IN ADDITION TO Little Rock and lots of other cities/counties.

I doubt your CPA will need an appraisal.  They may just need the list itself.

Surveyors:  White-Daters

Some items can be depreciated 100% in the year of expenditure, some have specific deduction schedules that will have to be followed.  Your CPA will know how to treat each item once presented with a specific list.

Any time you have something like "rent going toward the purchase price", you may run into issues where that rent credit actually gives the tenant an equitable interest in the property.  It can also subject you to being considered in the same light as a mortgagee, which would carry with it a host of  legal requirements that you need to adhere to.  This type of transaction crosses over from a "simple transaction" into something more complicated, so you'll need to run the whole thing by an attorney.

***This post is not intended to create any type of attorney client relationship.  It is general information only.***