All Forum Posts by: Frank Greg

Then why do I keep hearing from you?... on postings clearly addressed to someone else. Complete the tutorial... that's what you need. I clearly ignored several of your ramblings earlier so now you keep responding to comments addressed to others. Find something better to do. 

 Try again... there are deficiencies with some of the laws as it pertains to a series llc and the concept itself is not quite developed in many of the states. 

It took a while for most of the states to get used to LLC's when initially created (not that I was in the business of creating LLCs then).

Society usually gets used to these introductions gradually and a lot of refining of the current statutes in most of the states would be required before it becomes main stream.

Most states are allergic to change by default with each state often always trying to flex its muscles.

 Review this by the ABA (Series LLCs in interstate commerce).  http://shorturl.at/CFJ05

A major problem is that in many of the states where you can create a series LLC, the series itself may actually lack separate entity status.

There is a Trust and there is a Land Trust. If you are referring to a Land Trust, the handful of states with a Land Trust statute often d have some variation in both the statutes and features of the Land Trust. There are just too many unknown facts to compare not to mention where the LLC is contemplated.

Deutsche Bank once lost a foreclosure action (as I am sure many banks have) for sending notices to the wrong address. What would be interesting is if they have your name or seller’s name on their foreclosure action. It sounds like this will likely be resolved prior.

Sellers do come in different forms. Sometimes people inherit properties so experiences can vary when you have sellers who don’t quite comprehend contractual obligations and civil tort generally.

Sometimes areas with high cap rates can often have headaches which can be an additional cost of doing business.

Its obviously a personal decision but the general expectation that you (the buyer) are supposed to deal with this just rubs me the wrong way.

They (the title insurer) knows they ultimately have to pay... so if you were told by forecloser to pay by Jan 15 or get additional fees, you simply convey this information to title insurer's attorney and they can delay at their expense or calculate when forecloser will get payment and include whatever interest is warranted. The title insurer needs to be on the phone with your forecloser to work out whatever he has to including any late fees.

The net effect of all this is the seller is walking away with $11k in unpaid tax liens which in collaboration with the title agent they somehow are getting the title insurer to pay.

You are welcome! You also need this. It might help ensure the buyer gets something more than grief for title services: http://shorturl.at/szBC1

 It depends on where you buy. "Holiday destinations near a beach" often do not have a ton of undeveloped buildable tracts available for sale and when available usually are for sale at a premium per acre and obviously has its risk. Not sure what investment amount you are working with or area you are looking into.

An umbrella policy would suggest you already have some sort of initial or standard insurance policy; the umbrella policy usually exceeds a standard policy coverage or limit.

There usually can be some confusion in regards the nature of protection as it pertains to an LLC. The LLC only deals with protecting you from personal liability -- sort of like prevents you being held liable or arrested for the acts or crimes of a relative (the llc) who is legally distinct from you.

Actually.. you can in fact be arrested for the acts of the LLC but that is a different discussion.

The LLC typically does not protect you from any damage that may occur as a result of a physical disaster or other hazards such as: floods, fires, hurricanes, earthquakes etc.

There are a lot of questions that you would need to both ask and answer to determine the best route. Based on the specifics, you may need to create the LLC where you are doing business in or in a state different from where you reside or may have to register both where you do business in in addition to a foreign state (and not necessarily where you reside).