All Forum Posts by: Justin S.

Retain counsel. Any person who represents himself has a fool for a client. 

Good luck. I hope you are able to recover your deposit and all other damages available. I'm not familiar with California law. However, there are many states that offer up to treble damages in the event of fraud or bad faith. But, generally, there are specific requirements of pleading if you are alleging fraud and/or bad faith. If nothing else, spend the money to have a consult. 

@Pete McPherson Have you already confirmed the 6% property management? If this would be your only buy and hold, decent PM may be closer to 10%. Love the house. Good Luck!

www.jennifergarrison.com. She should be able to help you. 

@Larry Flanagan If the question is rooted in ethics, you engaged in an arms length transaction assumedly without any undue influence applied to Seller. I don't see an ethical question. Move forward!  Benefit of the bargain!

It's really a cost benefit analysis question. Will the cost of litigation eat up any potential profit?  If the answer is yes, you should carefully consider your options. If the answer is no, file suit for specific performance. Without question, you need to sit down with a real estate attorney to explore all options. 

Are there any contingencies in the contract that allows his exit to occur without penalty?

We need more facts!

Good Luck!

JWS

Barring an extra payment or application of the monies to principal, unless I'm missing something, you will simply be prepaying your regularly scheduled payments ahead of schedule.  It would have no effect on the length of your note.  So, that leaves you with a decision between peace of mind (payments ahead of schedule) or allowing that money to work for you pending regularly scheduled payments.

Hope that helps. Good Luck!

JWS 

I believe there is a sample contract in the @Brandon Turner's The Book on Investing in Real Estate with No (and Low) Money Down!  It's available here on BP!

Good Luck!

JWS

Welcome back, Chris!  Good luck on your journey!

JWS

Well, that depends. If $600.00 is simply for the Articles of Organization without any other document then it seems a bit unreasonable to me. It is unreasonable primarily because you can easily do it on your own. However, if that includes an operating agreement then I believe that $600 is an excellent price. It really depends on your intended purpose for the LLC. If your intention is to simply use it for a single property and never utilize a partner and never bring in another member to the LLC then an operating agreement may not be critical. However, if you ever intend on bringing another member-EVER- you need to utilize an operating agreement establishing the rules up front now. If you decide to utilize an operating agreement, please allow an experienced transactional lawyer look it over for you.

Good luck!

JWS

Disclaimer: Nothing outlined above shall be relied upon and/or considered legal advice.  The above communication in no way creates an attorney/client relationship.  If you are in doubt about your legal rights and/or responsibilities, please seek qualified counsel.

Welcome @Christina Berry!  Great to have you!