All Forum Posts by: Nick Fegley

Hello. I am planning to start a real estate investing company in about five years when I retire from the military. Goal is to brrr a few sfh's per year to supplement my retirement. I do not plan on hiring anyone, just contracting out some of the work. A few questions, appreciate anyone that offers their insight.

• 1. What business structure should I use?
• 2. Can I pay myself from an LLC? If so, how?
• 3. I have an idea for my business name. How do you recommend I research that to find out if it is available?
• 4. Is it important to find a real estate attorney that works with real estate investors?
• 5. I want to ask the attorney if they have ever invested in real estate. Appropriate or no?
• 6. Are there attorneys that specialize in only real estate, or is that a unicorn?

Thanks,

Nick

@Will Fraser numbers aren’t working, that’s why I say I’m not buying now. Why spend time analyzing properties if the best and highest use of my time is in another investment vehicle? I don’t need to reframe my mind, but do appreciate your advice.

Anyone out their still buying investment properties, and having success? Would love to hear about it.

I am not buying, prices so high and not many foreclosures on the market where I live. I did put one of my places on the market and it went under contract over asking.

@Chad Urbshott that is very clear, thanks you. I wasn’t sure if secondary liens that are not the ones initiating foreclosure stuck with the property or not. Your explanation that they get whipped clean is great info for me and I very much appreciate it.

@Chad Urbshott thank you. If I am understanding you correctly then if the property has one lien, and it’s the mortgage company that is foreclosing on the property, then the lien they put on will be cleared from the title even if it’s less than the outstanding loan balance. On the other hand, if the loan has been subordinated due to a second mortgage or heloc, then the loan that started the foreclosure process will be paid and satisfied, however the other liens will be outstanding and up to the purchaser to clear? It could be the subordinate lien holder or the primary that initiated the foreclosure process. Am I tracking on this?

Thanks,

Nick

BP Community, I appologize up front for asking this question, as I'm sure it has been answered somewhere on this site, however, I was not able to find a clear answer. 

Situation: Sheriff's Sale of properties I would like to bid on in two weeks.

My confussion: Some of the properties have a lien from the mortgage company, and some have subordinated liens in addition. 

My plan: Go to the courthouse the day before the auction to look at liens on property. 

My issue: I don't understand if the liens (including subordinate) will be whiped off the deed once I buy the property, or not. If not, does anyone have any experience or strategies on repaying the outstanding liens and getting a clear deed?

Thank you for any feedback you give.

Nick Fegley

The bill would not forgo tenants responsibility to pay, just not allow landlords and creditors to negatively effect their credit or housing. Many government workers, including myself, are still working. It would be unethical if the governement did not protect these people, as it would be hard for them to find a way to earn money during their time off of their normal 40+ hour work week. You will still get your money much the government opens back up. 

You make an interesting point though, what about you? Perhaps the government will add to the bill that those receiving payment from furloughed employees will not be negatively impacted from their creditors  as well?

I agree with JD Martin, run the numbers in the Bigger Pockets calculator. If they work, go for it. I recommend being conservative with you estimates though, especially with the potential for a slip in housing prices.

Hello, I am re-locating this summer to work in Lewes, DE this summer, and will be living there for 1-5 years. I would like to buy a place, preferably 3/2 or larger within a reasonable commute that is in a good school district. My goal; find a property that may need some work that is substantially below ARV, and or have possibilities to house hack with a seperated living space. If you have any suggestions, or know/have a property that may work for me I would greatly appreciate it if you would let me know. Price can not be over 400k. Most important features are; 1. be within 20 minutes of Lewes, 2. Good school district, 3. below market price, 4. Seperate living space (not rent out a room in my living area, but either detached or seperated by a wall).

Thank you,

Nick Fegley

Thanks Jonathan will do!