All Forum Posts by: Steve McGovern

1)  Almost 20 years, total, working on properties in one way, shape, or form.  

2) 10 years working in legal services: Commercial and residential. I've worked with creative financing from HELOCs to HOPE Grants to Assignments of every document known to man, and I've worked with every type of interest from Fee Simple to Easement-in-gross.   

3) Educated-- Certificates in Paralegal, Negotiation, CRE, and CRE Finance; still seeking more education daily-- formally and informally.

4) Hungry-- see No. 3 and I additionally want to make a genuine contribution. 

5) Here's one none of us like to talk about... I survived the economic downturn of 2007-2011 (Dates may vary in your area).  

Interesting point of view. Granted that this aspect of my experience is from big-firm legal services, but I would never, never refer to a sole-purpose LLC as a 'scheme,' asset protection or otherwise.

The same way that when "you" own assets, they are "all" exposed if something goes wrong, if something goes wrong on one of your properties, that property and all the others similarly held in the same asset are also exposed. Do yourself a favor and separate them by keeping them in separate entites. BigPock1, LLC; BigPock2, BigPock3, LLC. it doesn't have to be complicated. Keep yourself appropriately insulated from the Asset, according to legal counsel's advice. This is how you can best compartmentalize the liability.

Hi-- I'm an investment newbie, but a veteran to commercial real estate, due diligence, legal, finance, leasing, and development.  Seeking equity partners among other professionals for mutual gain.  

Relationships are what they are...  you are an investor and obviously they're good and loyal tenants-- do you have any other units nearby you're willing to offer to move them into? 

If not, then I would say-- gently, but I would say it anyway, that the asset is a vehicle for investment purposes.  --and who knows? The new owner may be even more awesome that you (as hard as that is to believe...)   It's your property-- do what you must.  Without apology.  

I agree with Dan. Get the water turned on, offer to pay to do so, if money is the sticking point (it's much cheaper than a big mistake.)   If that fails, see if you can get them under contract for an OPTION. Pay some small sum ($200-500 for the option.)   If the water works and you can understand where the leak is and how to address it, then you can accept the contract and you're good to go.  If not, you're released from all obligations.  

Kim,  I feel your pain. ... but I agree with Steve & Jay-- you should seriously consider a double close.  if YOU CLOSE, then you've purchased it.  Period.  Whatever you do 'after that' (even if it's 30 seconds after that) is your business.  "They don't need to know nothing about nothing" as one of my family members used to say.   Otherwise, full disclosure is in order, but it would have been better, had you been able to enter the relationship under that premise.    Good luck!