All Forum Posts by: Elizabeth Einecke

Hello BP Friends,

I am a long time member who did a few deals back in 2008 and then jumped out of the market when it crashed.  Of course, I wish now I hadn't but I'm ready to jump back in.  

I am making a big move from Fresno California to Little River South Carolina area.  I am retiring from a 28 year teaching career and want to see what I can build with real estate.  My spouse will keep her day job to pay the bills.  We have excellent credit and access to 80K.  We are selling our home in Fresno and keeping a rental we have in Fontana Ca.  

I guess I would like some suggestions starting with how we should acquire a place to live.  We want to live in a community of residents not short term rentals.  We are looking for a 3/2 with a 2 car garage.  We're not afraid of a fixer upper.   As far as investments, I think i want to focus on multi-family buy and hold with an occasional flip.  I love taking a run down house and making it nice again.

I would love to hear from anyone with knowledge of the area.  Coming from California, everything seems like a deal in South Carolina.  LOL.  We are looking to make our move in July/August.  

Thanks for reading and thanks in advance for any information/guidance you can give regarding the area.

Liz Einecke

Thanks for the reply Chris and Marcus. Yes, the money is still in escrow being held by Title. The LLC is showing as suspended. I will follow your advice and contact the S.O.S. to inquire about reinstating the LLC. Even if it takes half the money to pay the taxes, I will still be a couple grand ahead. Have a great day!!

Hello All. A few years back, I attended a seminar and jumped into doing a few fix and flips. Long story short, I opened a Ca. LLC under which I purchased and sold one of the properties. At the time, $4K was left in escrow to pay the contractor for the sewer lateral after the sale. Fast forward to today. I was recently notified that $4500 is sitting in escrow and was never claimed by the contractor who performed the sewer lateral back in 2008. In fact, they are no longer in business. The money was refunded to me in the name of the LLC. Problem is, I let the LLC lapse, never paying the taxes. I had no idea what I was doing when I opened it and really still don't. I just know that I have $4500 that belongs to the LLC which is me. I have no idea what I can do to get this money. Can anyone offer suggestions? Obviously, it was newbie mistake to open something I didn't understand. Thanks in advance for any help you can give.

Thanks Jon.....Can you or someone please explain your statement.....

"The appraisal will come in below the last price listing price".

Thank you!

Problem......
I own a rehabbed property that just fell out of escrow. I can no longer continue to pay on the property out of pocket. The good news is that I bought it low enough to rent and cover all expenses plus. The bad news is I took a $52,000 loan out from a friend for the down and repairs that was on a 6 mo. I.O. balloon. I can continue to make the payments to her at 12% which the rent wil cover, but would prefer to be able to pay her back the principal and be done with it. I have had many ideas but seem to run into a roadblock each way. Pulling a HELOC and REFIing would be the best options but the house has been for sale and I don't think any lender will touch it.

Any suggestions from those more experienced than myself would be appreciated.

Thank You

This is probably a dumb question but I've never done it before. I have a property that I own in my personal name. I have formed an llc to transfer the property to. I understand that I can do this myself with a quitclaim deed. Can someone walk me through the process?
Thanks in advance!

Thanks for the reply Peter. The theft issue is definitely something I am aware of. Many of the houses I am looking at have already been stripped prior to the lender boarding up the windows and padlocking the doors. I guess that is all part of the risk and something that should be built into the budget and considered in the offer price.

A lot of the houses I look at have great potential and are at a good price but the other houses around it are just as bad and many are boarded up and vacant. Makes me afraid to invest because I am afraid they would never resell. Any thoughts on that?

Thanks in advance to anyone who comments:)

Hi All! I am a newbie with one successful flip under my belt. I work mostly with preforeclosures, but am also interested in fixer REOs. I have 20 offers in and have recently begun focusing on the bad areas of town as this is where the deals seem to be(REO). My question is, besides price and repairs, what are the things to look for when buying in these areas to insure that they will resell. Some of the areas seem so bad but yet there are people living there. Thanks in advance for the advice!

Thanks All! I have a call into a real estate attorney on this matter. My RE agent is recommending I go through her and let her do the paperwork. That way I will be protected. The down side of this is that I will have to pay her commission which may bust the deal.

I am working with a homeowner who is in foreclosure and wants to sell me his house. He reads and writes English but his wife reads and writes only Chinese. I use a one page equity purchase contract for these deals. Am I required to have the contract translated into Chinese for her or will it suffice to have an interpretor only? I don't want anything to come back to bite me later.

Thanks in advance!