All Forum Posts by: Jeffrey Greenhow

I have to respectfully disagree. The restoration company's tend to do shotty work because they are pushed around by the insurance companies. I would use a GC.

Chirco Title  in saint clair shores does them, but they charge full price for the title work twice.  Also, the way they do the paperwork your buyer and seller see your commission.  

Hi Tracie. Welcome to Bigger Pockets! I am a buy and hold and fix and flip investor in Macomb county, so when you get property's under contract feel free to send them my way. 

Hi Rob. Congrats on your first property! If you are going to set up an LLC for your property, do it now, so that your tenants lease documents reflect the proper ownership, and remember to change the name on your homeowners insurance policy to the LLC immediately or you will not be covered. However, to offer some food for thought... When your property is owned by an entity, you cannot represent yourself in court, so this could possibly add unnecessary attorney fees. Also you gain no tax advantage by using an LLC, because it acts as a pass through to your personal return, however if you do not keep good neat records you could incur some additional accounting fees at tax time if you have multiple LLCs. You are offered some protection from lawsuits if your are careful not to mingle funds and because you will have more than one owner of the LLC, however you should still consider getting an umbrella insurance policy anyway because they are not that expensive, and there are ways you can still be held personally liable. I do have mine in an LLC, but have recently been reconsidering the benefit vs the hassle. Best of luck.

Ok, so I've never bought a wholesale property before but recently I've been in contact with a wholesaler about a property he has under contract in north Warren MI. I will be looking at the property in two days and plan to buy it to rent out, if everything looks good, as it fits my criteria perfectly. The only problem is I don't know what a wholesale closing entails. Who is responsible for the title insurance? Do I write an official offer, or is it more informal? Is an EMD common as it is usually held by the title company? If so, who is the check made to so someone cannot just run off with your check? Any other info is also appreciated.

This is very helpful. Thanks.