All Forum Posts by: Kristin Solbach

Unfortunately none of these contingencies were in the contract.. the inspection period had already passed and we found out about the unpermitted things after. We did hire an attorney to advise us and went ahead with the purchase.. Thanks so much for your helo Ying, Kristin

Thanks Chris, the red flags were unpermitted things that can not be legalized (but having been advertised in the listing) and we only found out after the inspection period that the property is too small to make the downstairs unit legal.. we didnt have an out after the inspection period and went ahead with it.. we did have a lawyer look at it. I appreciate your help, Kristin

Hi everyone, I posted this in the legal focus but not sure how much attention it gets there so I hope you dont mind me posting it here too.. We were in the process of buying a house in Idaho Falls but terminated the contract two days ago because of too many red (illegal) flags and things that came up during the appraisal. The seller never signed the termination and instead we now got a letter from their attorney giving us the following options: They’ve laid out three possible courses of action:

1. Specific Performance – Forcing our LLC to complete the purchase.
2. Monetary Damages – If they sell to someone else at a lower price, they could claim the difference and legal fees.
3. Earnest Money Forfeiture – they’re keeping the $1,000 (which we instructed Title to do anyway)
4. Closing date is set to tomorrow (it was a 3 weeks closing) and title still has it on their schedule. Does anyone have any advice and/or an attorney in Idaho for me that could help?
5. 
   Thanks a million, Kristin

Well this is unexpected. We terminated a contract for a property in Idaho Falls two days ago because of too many red (illegal) flags and things that came up during the appraisal. The seller never signed the termination and instead we now got a letter from their attorney giving us the following options: They’ve laid out three possible courses of action:

1. Specific Performance – Forcing our LLC to complete the purchase.
2. Monetary Damages – If they sell to someone else at a lower price, they could claim the difference and legal fees.
3. Earnest Money Forfeiture – they’re keeping the $1,000 (which we instructed Title to do anyway)
4. Closing date is set to tomorrow (it was a 3 weeks closing) and title still has it on their schedule. Does anyone have any advice and/or an attorney in Idaho for me that could help? 
   
5. 
   Thanks a million, Kristin

We were boing to BRRRR in Ohio but decided to hold off on that as we didn't feel comfortable managing it from this far so held off on it. Setting up the LLC in Ohio was affordable so if we decided to go forward with a BRRRR we could always open another LLC for that too. Thanks so much @Jonathan Bock

 Aloha Jonathan, 

no, we live in Hawaii. Buying this as a second home... any further advice? 

Kristin

Dear all, I have the opportunity to invest in a property (a retreat hotel not far from me) as a limited partner. I am supposed to enter the agreement with an LLC and I am wondering if I would be able to re-purpose an LLC that we set up in Ohio earlier this year but never did anything with. The Ohio LLC has a Wyoming LLC above it and its just sitting around... does anyone know if the LLC needs to be in the state the retreat is in or that I live in (Hawaii)? Since I am not actually purchasing the property myself and am only partnering (amongst others), does it matter? Thanks a lot for any help and advice

@Greg Hoffmann, I would love to know if you ended up going with an All in One Loan and if so what your experience has been. 

Also, @Joshua Stanton, how do you protect yourself/assets if you can not deed the property into an LLC?

Thanks so much in advance,

Kristin

Hello everyone (@Kelli Wilson, @Jeff Chisum, @David M.), sorry to hitch this post like that... I did post a seperate one but we are also currently looking into getting an All in One loan for a second home/investment property in Texas. The one big hesitation we have is that it seems like you can not deed the title into an LLC (for asset protection). How do you protect yourself otherwise and is it worth it?

@Jessica Heller, I would love to know if you went with an All in One Loan (and if you did which company, what is your experience so far).

Thanks so much in advance and Aloha from Maui,

Kristin

Asset protection in case one of us getting sued (I think it was a BP podcast episode where a lawyer told the story about the son hitting someone with the car and the family of the kid that got hurt suing them and them having to surrender their house.) As far as I understand insurance protects you from different things.. and yes, we are definitely getting good insurance (umbrella policy for just one property?) and it isn't about protection from defaulting...