All Forum Posts by: Jean G.

Disclaimer: I am not an attorney. I am only sharing my experience and the advice I'm giving is likely wrong :-)

@Brenda Whittaker

- Yes your revocable living trust can own your LLC. I have mine setup exactly like that. In Nevada you can even make your Living Trust the manager of your LLC, but other states might not allow that and require natural people to be listed with the secretary of state.

- Private lenders want to lend to businesses to cover themselves against the regulators I believe. If they would ever lend to an owner occupant for a primary residence, they would get in deep trouble. Lending to an LLC may just be another step to make sure that they're lending on non-owner occupied properties.

- Be careful when transferring a property from your name to your LLC if there is a loan on it. The bank could use this to invoke the due on sale clause. See here for an alternative strategy: https://www.biggerpockets.com/forums/311/topics/266357-foreign-partner

@Phillip Dwyer

So you mean I don't have to leave a tip as I normally do, it's already included? :-)

@Darius Walker

you can also add me to your buyer's list for any deal is Southern Nevada.

Jean

@Marlo Boutte

I know it's a bit far from you, but I would love meeting you at @Phillip Dwyer's BP Meetup next week, as we share similar goals.

https://www.biggerpockets.com/forums/521/topics/267986-las-vegas-meetup-january-2016

Jean

@Jeff McDermott

if you are looking for people to beta test (and give ideas along the way), count me in. I've been looking for something that would aggregate all listed properties from MLS, auction.com, hubzu and homesearch, plus all the Fannie, Freddie and HUD sites.

The key though is the accuracy of the data. To get realtime accurate MLS data accross many regions is not easy.

Jean

Hello,

I may be participating in a physical  Auction.com foreclosure sale for the first time, the one they do on the courthouse steps, but because it's in a remote area, I want to make sure that I'm not driving there for nothing.

My question is: what does the Estimated Debt Amount that Auction.com lists for the property mean to me, if the opening bid is much lower? Say the Estimated Debt Amount is $300k but the estimated opening bid is $100k, and the property value is somewhere around $200k. Does the $300k serve as a reserve, and if not, why even mention it?

My understanding was always that properties have to sell for at least the amount owed to the bank, and if that amount is higher than market value, the property will not sell at the auction, the bank will assume it, and it will end up in REO at a lower price. Is my understanding not correct?

Jean

@Account Closed

Yes that's the same in NV (and I do it for companies where I don't mind my home address appearing publicly) but since the OP is out of state, he'll need a registered agent in NV as you're saying.

Jean

You're welcome. The easiest way to make money is to save on costs :-)

@Shaun Hunt

You're trying it right for the tagging, but I noticed before that it doesn't work on cellphones (at least not on mine) so who knows...

By "doing the minimum" I meant fixing the foundation to make the building safe (for which there is a $22k quote), not fix the inside of the bad unit (just leave it empty), and not do anything in the other 3 units since people live there. Maybe do some cosmetic rehab in them when people move out.

If I can drop the price to $30k, then I would be all in somewhere around $50k+ and collecting $1600+ per month. I can live with that. But still waiting to see if the bank will accept the price reduction.

When you say D+, is there really such a thing as a D area in Cedar City? I recently listened to a podcast where someone was defining these A, B, C and D and I think D was somewhere where you would absolutely not live. We have plenty of D areas in Las Vegas, but that area where the fourplex is didn't strike me as D?

Jean

Hello,

just adding my 2 cents: $200 for just registered agent is too much (unless it includes business mail forwarding or nominee Directors). There are plenty of registered agents for $80/year. I've been using these guys for nearly 15 years: http://val-u-corp.com/ They will charge you $80 in fees above the state mandatory fees to incorporate, but since that includes the first year of registered agent service, you're basically getting the company incorporated for free (ie just the state fees).

On another note, you will need to register your company in your home state if you're doing business there, and if your home state charges taxes, they will want to tax you on the income that the business generates in your home state, even if Nevada doesn't have income taxes.

Jean