All Forum Posts by: Kathleen Frankovich

Thanks, Kathy.  I had read about adding the or assigned part.  That would work.  I just wondered if that made a bank less likely to accept an offer. Although I don't see why it would.  Also, if we plan on reselling the house, it seems that buyers are very leery of quit claim deeds.

So, Josh, that still requires getting all the funds into the LLC before we make an offer, correct? Or did the seller accept a pof from your personal account?

Thanks, Nicole. My understanding is that any funds we put into the LLC would be treated as capital or we could set it up as a loan from our personal accounts. How else does an LLC get funded at first before the business makes any money?

Hi Everyone. We are getting ready to make an offer on our first reo property with the intention of flipping it. We have set up an LLC and would like to make the offer through it. However, all of our funds are in personal accounts. I know that we will need to provide pof with the offer but we aren't sure we want to transfer all of the funds (about $100k) into the llc account without even knowing if the offer is accepted. How do we go about showing pof for the llc? Can we use a statement from the personal acct with the member's name on it? We have thought about opening a line of credit, getting the money, transferring it into the llc and then if the offer doesn't go through, just paying it back. We really want to make a cash offer, but if a little financing makes things easier we could go that way. Any suggestions? Thanks!

Hello.  I am looking at a cottage built in 1920 that I was told most likely had asbestos shingles on the outer walls.  They are in very good shape so I wouldn't be too worried about it except there is a tinyl back porch that I want to pull off and the windows need to be replaced.   Would this work cause the siding to be disturbed and possibly cause problems for us?  This would actually be our first flip and we want to avoid environmental issues if we can.  Thanks.

Hello. I am a newbie here but excited about finding my first property. I was keeping an eye on a listing that was a bank owned property as we get our rehab team together. Today when I checked the MLS, I saw that it had expired. I think this might be a good thing but I'm not sure. It had been on the market for 4 months. Can I still make on offer on it or do I have to wait and see what the bank plans on doing with it? Can I contact that bank directly and make an offer? Thanks for any advice.