All Forum Posts by: Maheen Akhter

Ironically, my law firm just did a presentation about this, feel free to privately message me and I can put you in contact with one of the few attorneys in the nation advising clients on how to use bitcoin for financing RE. 

Congrats- used to live close that area - seems like apartments are king in Cobb/ DeKalb,/ Gwinett/Fulton County! 

If I had more time today, I would be interested in seeing if the agent breached a duty of loyalty owed to you as you real estate agent.   You may want to do some research  or call http://www.nysar.com/top-navigation/professional-standards . 

The below is not intended to be legal advice, and we do not have an attorney-client relationship -- if you accept then keep on reading. 

*Two things are blaring in my mind - why isn't your lender requiring one? Maybe they THINK they do not need it, but will inform you a few weeks into the process that they do need it, especially if they are transferring it to Freddie/Fannie.

*Maybe the Seller does not want to know the Phase I results, since it may trigger certain notice requirements, if he himself has a loan on the property. (i.e. if he is aware of certain hazardous environmental conditions this may trigger a duty on him to tell his Lender, or else the Lender may place him in default of his loan). If Seller has a loan, might be a smart idea to see who the lender is - because if its a national lender, then I wouldn't be too worried, since they've gone through the whole underwriting process and evaluated the risk associated with the tank. Also, maybe the Seller could provide you with an old Phase I (if Seller doesn't have a copy, he can easily ask his Lender, or have your attorney ask -- the Lender's attorney usually keeps a copy in their file). 

*What if you told the Seller  "look I understand that you do not want to pay for the Phase I, but since we agreed to this before hand, I will order the Phase I and it will be paid out of the closing proceeds when we close, and if we do not close, then lets agree to split the costs with respect to the Phase I." 

*what does your "default" section say with respect to a default by Seller? & What are your thoughts on an Environmental Indemnity, so that if anything does arise, Seller, and any principals of seller (so that you have a real person on the line - and not some entity whose only asset was the property being sold) has the duty to indemnify you for all costs. (this indemnity is only meaningful and worthwhile if the person you are going after has enough $$ to cover your losses - hence i said make sure you get a real person and not an entity). 

I didn't read the entire thread - but wanted to pop these little tools your way. 

Excited for you and your wife - best of luck!

Curious, but why do you feel like an LLC is not a viable option? Do you feel awkward disclosing your address through the Secretary of State's website? If you're looking for a registered agent this might be useful tool: https://www.cscglobal.com/cscglobal/home/. In many states you can own property under an LLC in one state and is not registered as a foreign LLC in state where you own property. An example of what this might look like is O.C.G.A. § 14-11-702, which reads as follws: 

(b) Without excluding other activities which may not constitute transacting business in this state, a foreign limited liability company shall not be considered to be transacting business in this state, for the purpose of qualification under this chapter, solely by reason of carrying on in this state any one or more of the following activities:

(1) Maintaining or defending any action or administrative or arbitration proceeding or effecting the settlement thereof or the settlement of claims or disputes;

(2) Holding meetings of its managers, members, or other owners or carrying on other activities concerning its internal affairs;

(3) Maintaining bank accounts, share accounts in savings and loan associations, custodial or agency arrangements with a bank or trust company, or stock or bond brokerage accounts;

(4) Maintaining offices or agencies for the transfer, exchange, and registration of membership or other ownership interests in it or appointing and maintaining trustees or depositaries with relation to such interests;

(5) Effecting sales through independent contractors;

(6) Soliciting or procuring orders, whether by mail or through employees or agents or otherwise, where such orders require acceptance outside this state before becoming binding contracts and where such contracts do not involve any local performance other than delivery and installation;

(7) Making loans or creating or acquiring evidences of debt, mortgages, or liens on real or personal property or recording the same;

(8) Securing or collecting debts or enforcing any rights in property securing the same;

(9) Owning, without more, real or personal property;

(10) Conducting an isolated transaction not in the course of a number of repeated transactions of a like nature;

(11) Effecting transactions in interstate or foreign commerce;

(12) Serving as trustee, executor, administrator, or guardian, or in like fiduciary capacity, where permitted so to serve by the laws of this state; or

(13) Owning directly or indirectly an interest in or controlling directly or indirectly another person organized under the laws of or transacting business within this state.


Good luck!

Wonderful!

Congratulations! 

My name is Maheen Akhter, I am a real estate junkie. While most 12 year old's were out and about on their Razor scooter, I can remember touring home construction sites in my neighborhood. When I was 16, I saw my parents real estate investment take a turn in assisting them pursue financial freedom and when I was 17 I saw the effects of bad mortgages on a close extended family member.  These monumental moments in my life lead me to pursue transactional commercial real estate.  I love what I do, and I am on Bigger Pockets in hopes of hearing and learning from your stories so that I better serve my clients.