All Forum Posts by: Thomas Lethcoe

Having a separate LLC for not only each property , but other personal property items aswell protects each from liabilities of each other. This strategy is great.

LLC's are a hybrid beast and the way they are taxed varies by organization. One member can be filed on personal taxes sch C. Multi member requires Partnership 1065 aswell as sch k's for each member. Some can even be taxed as a corporation. Make sure you file LLCs "informational" tax return by the deadline. The reason i say informational is that a LLC is a pass through entity. The company is not usuallly taxed but rather poritons of profits and losses are passed to the members according to their proportionate ownership percetages. Then the members claim these by attaching the sch K-1 they recieved from the company.

Also the degree of limiting personal liabilty can also come into question depending on the manner in which the LLC operates. Is it truely a separate entity? or merely an alter ego of the person whom formed it.

I am sure this varies from state to state , but, here you can get basic forms from DLEG and file a none specific LLC that operates in any manner that a LLC may legally be formed for. No need for attorney or any other proffesional to file.

Michigan
The Costs $50 for normal processing ( ie no rush formation)
Annual statement cost $25

This issue will only be compounded as the economy continues to grind at its lows. As people get desperate metal is looted. Honestly theres some areas that you just plan on the metal being stripped. Smile there are much better plumbing solutions available now.

The best things i have found to do on any house I have:

Agree with above "smile your on camera"

Meet the neighbors ( i do this anyways before i ever purchase a home) They have my number I have theirs.

Have a real wireless camera installed that is powered both AC and DC. (Place the recording device hidden in the Home or Stream to the Cloud for viewing on your smart phone or other Device)

Many of these cameras only cost a couple hundred bucks and are equipped with night vision and motion detection recording. WORTH THE MONEY if you ask me.

:woohoo: Wow! MnMoney thank you so much for that post. I have been waiting for someone like you to give me some true insight into this topic.kschellhardt
thank you for your response aswell and lets do share our experiences. And if anyone else has anymore please continue to feed this thread i will track it for quite sometime.

Once again,
Thanks to all,
Andy

Can anyone with successful short sale experience tell me the best way they have found to get a response from the banks loss mitigation dept.?A big problem has been getting them to even call back, do i leave message anymore or persistantly call or both? Is their some helpful terms to mention that get their attention? Please ,trying to get my 1st short sale, any input would be greatly appreciated.

Thanks,
Andy

I am currently apart of a multi company business consisting of a construction company and an investment company located in the Grand Rapids/Kalamazoo Area here in Michigan.

Sincerely,
Andy Lethcoe
(Michigan Investor)

Can anyone tell me the top things to fix in a house that will increase its selling potential. I am familiar with business aspects but not the rehabbing part of flipping. Please any suggestions welcome.

To add clarity to my previous post ,I was not Saying violate the contract with the realtor they still get paid their commission , but, ultimately the decision of how low the price will go is up to the Bank to approve. Why negotiate with the realtor , who is going to submit your offer to the bank anyway . When you can deal straight with the decision makers. DON"T VIOLATE ANY LEGAL CONTRACTS. The realtor gets paid for the listing at close all the same, because anyone who knows SHORT SALES knows you have to have a realtor listing agreement at minimum to meet the backs criteria. Besides i would much rather negotiate the deal myself. The realtor is happy , less work they still get paid.

Sorry for any confusion my previous post posed we are all still learning , thats why we are here.

Andy in Michigan

Awesome, the fact that its' pre-foreclosure actually helps your situation. What state are you in?
I don't know your experience level , but, forget the real estate agent and go deal with the banks loss mitigation dept. (short-sale)
Is it occupied? You need to get the owners under contract before you do anything. Also my first offer would be 50%. I know , Iknow people around here may scream , but , this is only the start of negotiations.
I am sure some of the gurus' around here can help you through the short-sale process. Also if you search the forums you'll find some valuable info.

Sorry for late post(i Just Joined ) ,but , hopefully it can help on future short sales. The real finite answer is being missed here. The rep at the bank has a checklist they must meet , all they are doing is working down the list. What you really need to find out is DOES THE HOUSE ACTUALLY HAVE TO BE LISTED? Really all you might need is the listing agreement , not that the house actually be listed.

Hope this Helps , and yes this is true to the best of my knowledge.

I have been involved in tax liens and tax deeds for 8 years and i believe them to be one of the most profitable avenues in real estate. The #1 most important thing to remember is numbers. If the numbers add up gp for it.
I don't know which State you are refering to , but, here in Michigan i just bought a tax deed 2 weeks ago. It has a rough appraisal of 60k
I bought it for 20K + theres a 10% buyers premium + $20 recording fee. Also you are responsible for this years summer taxes. I have under $23000 total into it, and I'll be selling it for $57k to the current tenant as the actual previous owner to the property is deceased.
One very important thing to know with Tax deeds is to do your research, never buy one you haven't personally seen,(not a picture) and to double check everything as the properrtied sold at auction are sold by their legal description , NOT by the address. KNOW WHAT YOU'RE BUYING! Oh, and don't enter an occupied property or start an eviction until you've recieved th deed.