All Forum Posts by: Paul Murch

Had anybody used Maineregisteredagent.com as your agent for an LLC? I would be open to any referrals you may have.

I am looking for a referral for an attorney to help with asset protection planning including LLC formation. Preferably in the Brunswick/Freeport area.

I have a house that was originally a single family home. By putting locks on a couple doors, it is easily segregated into two units (2nd kitchen installed upstairs ). The post-rehab appraisal came in lower than expected. He valued it as a 2-unit property, which is how I am using it. In my area, I believe the value would be higher if appraised as a single family home. Since it could easily be converted back to single family with no structural mods necessary, is it a option to get it appraised and financed as a single family even if used as a legal 2-unit?

@Jay Hinrichs. I agree, that would be a really bad spot to be in. When the bankruptcy started in 2013, the market was way down and my 2nd was wholly unsecured. Thanks to Southern California appreciation, there is now over $150k in equity and my 2nd would be more than secured. Still confused why they are in pre-foreclosure when they have so much equity. If you can’t afford it, sell it.

@Patrick Desjardins, thank you. Let me try to clarify. The lien was stripped. It was treated as unsecured debt during the repayment plan. I got paid about 15% of the outstanding balance. They completed the plan. A bankruptcy attorney advised me that it was their responsibility to file a motion to remove the lien and they never did.

Need some help on what options I have with this 2nd note in California. The borrower was in CH13 bankruptcy. My note was crammed down because the house was so far underwater. Throughout the bankruptcy plan, they paid me enough to make me a decent return on what I paid for the note. She completed the plan, but they never filed to actually discharge my note. My assumption is that the note is worthless because her bankruptcy plan was successfully completed. The lack of a discharge was probably just an oversight.

Fast forward about 6 months and she is now in pre-foreclosure on the 1st mortgage. I got an offer in the mail from an investor looking to buy the 2nd note.

Before I go looking for an attorney, I figured I would reach out to the BP community for thoughts.

@Tammy Richards Thank you.

@Bob Langworthy. Thank you. Will give her a call.

In search of the best property manager in the Bath, Maine area. Any recommendations?

For me, it was the best way to passively invest in RE in my self-directed IRA.