All Forum Posts by: Tom McGiveron

what about selling the property to the LLC?

so you currently own the property in your name. hhhmmm.

i know that common practice for alot of people is to quit claim deed and put into name of LLC.

but i'm looking at it from the view of the LLC. what is in your operating agreement about investing in LLC with property?

is there another way to do this?

what is the purpose of quit claiming the deed and placing title in LLC?

is this an investment property?

have you considered the impact this will have on your current mortgage? is lender okay with this?

as for the legal question - see an attorney. also talk with your CPA about doing this. do you have partners in LLC?

maybe he left out LEASE purchase options?

seek out more than one bank/lender for financing.

as for the title...that's tough. do you have an attorney who might be able to make some phone calls to the title company he does business with? maybe they'll get back to him quicker.

that does sound like a strange situation.

ry webb,

that's probably one of the best posts i've read in awhile...better than most of mine... :lol:

so wholesaling...

this goes right along with what i was saying - in as much that in order to start - you MUST build your knowledge up of rei, to even understand which investment strategy(s) are best for YOU.

what works for one person or company may or may NOT work for you and/or your company. DUH. it seems so obvious, but most beginning investors (me included) mistakenly think that rei is a one size fits all...and it is NOT.

but ryan, you put it out there and it makes sense. thanks.

Jetset - i noticed it's your first post!

welcome!

lol..wow you just talked me out of considering pre construction investments.

:D

be back later...

wow, you would have scared the bejesus out of me about a month ago! lol

the property was closed on already and we own it. title checked out. that lien i spoke of in previous post was not for the seller - title company got documentation squared away.

we own it. and we're selling it.

it's listed on findmyroof.com
and
craigslist.org

also - remax realtor has it listed.

of course. you are not alone.

i'm curious. this was an reo and your county clerk had information on it?

going directly to the bank or finding a local realtor who specializes in reo's might help too.

foreclosures are complex in that you have to have the money to close, either the cash (better) or the financing.

the problem with foreclosures and financing is depending on banks to come up with the money, when you need - especially when you're just starting out can be risky because banks really like to fall through on stuff. you have to depend on aaaaalllll the pieces falling together. you need a good bank or lender who can come up with the cash!

issues to cover when considering a foreclosure are the property itself, title insurance, insurance, vacant or lived in - if vacant how long, status of c/o's (check municipalities), utilities.

if you buy at an auction - you really have less options. you buy it period. very little chance of getting out. if house is past auction phase - you can consider more options, but if it's a good deal - it usually will go at auction...or before during preforeclosure period - how competitive is your market?

talk to other investors.

night,

options for what?

if you do not work,what ways can you save money? save money to join your local rei club.

use the local library to gain access to free books and audio/cd (listen to them in your car).

as far as dealing with your husband - just educate yourself. it'd be tough to give you marital advice because of the lack of information. you'd need to give more info. FEAR AND ANXIETY are driving your husbands reluctance to rei. he doesn't know enough and depending on your financial status currently, he may not see the "need" to do what you are considering. (does he make alot of money...over $150,000 annually?)

do you have children?

i would not press my wife to take a HELOC on our home - if i was not TOTALLY versed in the subject. i'm talking a GOOD 6 months to a year of learning about finances (both personal and business), real estate investing - benefits and risks, business operations, and some systems for analysing properties thoroughly.

keep in touch.