All Forum Posts by: Michelle Lutz

First, thanks everyone who gave me advice on this situation. So nice to know I have the knowledge of the BP community behind me when I get in unfamiliar territory. So here's what happened. I went to Nevada, called a meeting per OA, removed him as managing partner. I hired an attorney who basically said threaten investor and the second bank. I told the rouge investor I was thinking of turning him into the RE commission, which I haven't done yet. I told the second bank that I was filing a complaint with the NV banking commission for placing a lien without consent of all owners and not looking at (the correct?) OA. The lien miraculously came off about 24 hours later. So far we're still selling off units and have about 14 to go. I did hire an outside CPA to audit everything and found some interesting accounting with the original loan thats being looked at now. Right now all proceeds are funneled into one bank account which Im watching closely. The plan is to sell last unit off, make final distribution and dissolve LLC. Rouge investor is very minority owner in another project we have, at this point Im doing everything possible to be rid of him completely.

My last 1031 was from a NE property into a NV property. The lender doesn't have to be in both states, I would just look for a lender that operates wherever you buy. You'll need a qualified intermediary and need to follow all the rules for identifying property. I like First American but check rates. Are you looking for MF in KC or want to invest in commercial? I just looked at a great in line retail center in Lee's summit...7.5 cap for 900k. Good luck! 

Yes, this Thursday 7:30 at The Well in Waldo. :-)

Welcome Amanda! Be sure to join in at one of the local BP meetups that @Quinten Sepe organizes. Look forward to meeting you in person. :-)

Thanks for organizing Q. I plan on being there. :-)

Thinking about making an offer on property that had been under contract previously and deal fell apart. What are the pros and cons of contacting individual and asking them what their due diligence turned up? Obviously they could tell me to buzz off...Bad idea? Or potential wealth of info?

I will come back to update when I have full resolution, I promise not to leave this hanging. So far everyone lawyered up and lien came off. A few details still coming to light and working themselves out. 

Great advice @Dan Krupa!

@Brad Schultheiss call Dennis Perkins at Platinum realty. You can hang your license for free and just pay a per transaction fee of around $550 for any deal you do run through the brokerage. The closest office is in Corporate woods but they have additional offices in Olathe, Blue springs, etc. The MLS is separate and between the lockbox keys and MLS access you will pay a minimum of about $100 a month. Let me know if you have any other questions. :-)