All Forum Posts by: Account Closed

You are correct, this still doesn't change my underlying issue. To be honest all my properties are outside of rent control. This isn't just about money for me personally. I truly feel that this discriminates against an "investor class." I want to find a solution or an understanding to the other side of this. I think this was something that was created with the idea of helping people, but it has harmed many and that harm is going unnoticed due to the fact that we are the "rich landlords" which really isn't always the case. 

While you are correct, I can always invest elsewhere (and i do) does this change the true underlying issue? The idea of rent control is being flirted with in many cities. If I buy a property in burbank tomorrow, will it be under rent control in 3 years? It very well may. I can ignore this problem and go elsewhere or I can still invest wisely while addressing the true issue at hand. Is it okay to limit or cap a certain industry due to the public perception? Its only a matter of time until these other areas I've invested in are affected. 

I heard in a podcast that both @Brandon Turner and the guest had their LLC's set up so that their wives were 51% owners. I know that women get more favorable terms for SBA loans, but I'm not sure what kind of SBA loan these guys would be applying for. What are the other reasons someone might do this?

Keep it very simple. Find something you do very first and make that your niche. Once you master that then you can begin to add other things to your arsenal. The things that causes people to be overwhelmed and downright confused is that began to buy into so many other people's strategy that they can't even master their own.

For example I went through the same thing in the beginning they were so many different strategies out there in realestate Then I realized I'm really good at getting the properties but how?

Well my favorite thing to do Is talk to people face-to-face I remembered that I did really well raising money to pay my tuition for Bible college by going door-to-door. So I applied that skill to realestate and door knocking became my niche.

My biggest day yet is when 14 homeowners said YES they will sell me their house all in one day in a 3 hour period. Now today I have many projects and a Real Investing Academy with about 130 students where I show them HANDS ON how to Find, Fund, Fix, & Flip properties in their own backyard.

I am currently under a lease that goes for another 8 to 9 months and got a email from my property manager that they lost my lease and will need me to sign a new one. I unfortunately do not have a copy for myself. I am curious what my options moving forward are and should I be suspicious?

I think everyone on this post understands its with trustee approval (Which is why I actually had the words, "Trustee Approval" in my post). I think everyone understands the whole point of bankruptcy as well. I also believe everyone understands that while the bank can negotiate (If they receive approval to do so), they don't negotiate a sale directly with the buyer but instead the buyer/seller's agent(s).

Hi everyone: 

Got 2 questions:

1. Is there any way to get HELOC on property tied to LLC ?

2. If no, then how about this : Buy property on my name and get HELOC.

If so, then can anyone sue me and get the property, since the property would be now with the Bank I got HELOC from.

Any suggestion is greatly appreciated. Thanks.

Quite a few misnomers here in my opinion. No one can do anything while in BK until and unless the trustee releases their claim to the property. No sale, no negotiation, no nothing until that happens. IF it happens, it's usually only so the lender/bank/servicer can proceed with foreclosure and only foreclosure (usually). Even WITH trustee approval, the lender/bank/servicer still isn't going to talk to you about a sale because they don't own the property!

The "Bank's" incentive? Incentive to do what, negotiate? Again, they can't negotiate. Won't negotiate unless they own the property. They can only own the property if it went through foreclosure sale and did not sell at auction and reverted back to the beneficiary, which if that happened would more than likely mean it's not a government loan or GSE loan because, they usually handle their own REO's and not the servicing entity (Bank/servicer/lender). I'm saying more than likely, not always.

There can most definitely be a loss to the bank if the borrower defaults. They lose servicing income. They lose interest income. They may have to buy the loan back (If it's a government or GSE loan). Also, the days of selling a note to another bank on an individual basis are more urban legend than reality these days and no, it won't be for pennies on the dollar, it will be fair market value minus a factored haircut amount based on expected yield/return.

Your post was kind of vague to opine on anything substantive. Do you have more details?

@Account Closed I found that paper at staples. its works great no jam yet.. thanks alot

Mike S. The one cash flow $500 to $1000 do you have mortgage on it? I like to have more info of those properties. How much is it?