All Forum Posts by: Marques J.

@Blaine Alger  I have only had complaints about the application process. I simplified the process, less questions. Some answers didn't apply type stuff..That made it better.  Other then that no complaints. Not all my tenants are on the platform as I don't require it for inherited tenants from purchases.  Lots of great reports that can be ran on the data. Allows export to csv.  I think I can remember some minor oddities in the user interface that I had to figure out but really I have been pleased.  

I have used tenant cloud for years and love it. For 9.99 per month all my tenants can pay electronically for free and they have an instant payment option also included at no charge.  So as soon as Tenant pays TCP sends me the rent and they wait for bank drafts to clear. It has application and portals to search for new tenants.  I really like Tenant Cloud.  I have never used Cozy though..

I have worked with them. They say you can only have 2 or 3 total properties to get a LOC on rental.

I tried a HELOC and they just kept asking for more paperwork and I dumped them.

I am hoping the trustee lineage was set out in docs. If not then i will need to do more legal work.. 

It is a living trust. I found the clerk record of the attorney who put property into the trust today, i assume he created it.  I am calling him tomorrow. He is estate attorney so he should be able to help.

Hi,

I am in contract to purchase a house currently in a trust, First trustee died and second one passed away in a freak accident. I am in contact with the remaining Son.

I have made an agreement with the heir to purchase the property (it is a disaster, tax foreclosure, etc). My title company said I need to get trust agreement doc to verify heir has right to sell and a couple other items then I can get title insurance

I do not know how to get the trust agreement. The heir (Son to deceased and brother to 2nd trustee) has legal rights to access the documents. 

Does anyone have any knowledge in how I can help the Heir get the proper Trust agreement in Oregon over to title? 

My understanding on commercial property the lease is the law so to speak.  If you say in the lease after 1 day late they get charged 5k  or xyz that is the agreed upon contract.   What does your lease say you can do?  When is he in default? Has that time passed? What are the remediation options listed if any on the lease IE lock doors, remove items or autction? Commercial is way different then residential. 

My lawyer is my registered agent. He is going to be agent on lots of LLC's. It's common to have an attorney as registered agent. Can you just get a EIN from feds after registering with state? My banks just need articles of organization, operating agreement and EIN...

Thanks for the info everyone. It sounds like a steep entry point into PE but maybe a syndicate is more what I am thinking...

Question:

Has anyone looked into starting or has started a private equity firm of their own?  Dream big!!

A private equity firm that stabilizes and streamlines investments nation wide is my dream. To me the ultimate goal is to ethically take ownership percentage of businesses and streamline operations making them more profitable and then selling, leaving everything and everyone in a better place then before I got involved. This can be done with manufacturing business, service business, hotels, apartment complexes, new developments, MHP, storage, ect... 

I would love to chat with anyone experienced who has explored this in any fashion or is doing it now.  

Marques

@Allen Tucker  Thanks.  This is not as exciting as the deal I was emailing you earlier this week but at least this one isnt illegal haha..     @Brent M.    I got the lead via a Nonprofit I work with. Owner needed to sell, city wanted house cleaned up. 

The owner carry I went with, seller owns the house outright, a trust deed is put on the property for sale amount minus down. Pacific trust out of GP sets up a service escrow account. I pay Pacific trust they pay owner. There is a 5 year ballooon payment so all is due in 5 years.  I can refinance this right now actually but owner wanted monthly payments for 5 years. I compromised with a slightly higher interest rate than I could get but less down.    It was occupied by the owners family which became an issue..    

I would consider any property anywhere. I trust my skills in due diligence and analysis, I check with my gut and if there is value and I believe in it then I go for it.   

128 Chestnut (drive by shooting death on chestnut couple months ago) is an example.. on top 5 worst problem homes in Medford. 10 years+ with no power to the building.  Druggies in the mother in law unit.   I walked it and it had solid bones.  New pressure treated bottom plate even. No asbestos all removed. I snapped it up asap. Frankenstein house with burned out crack house across the street.  It's a 2k a month property once house rehab finishes next month. Payments very low. It's in an area I am fighting to improve.    I am a West Medford advocate :) 

The only area I dont like in Medford is by the OK Market. between court and riverside.  I don't like it because it has the worst planning. sloppy lots, sloppy streets, no sidealks, no curbs in places.  I would still buy there if deal was right :)