All Forum Posts by: Paul Vincent

All great stuff. I know notes from the litigation side (how bad foreclosure lawyers can be), but still getting my arms around all the small details. Wayne Snell and Patrick Desjardins - are there systems out there to help recognize the small details? Or are you best served tailoring a system to your own particular portfolio? I think I (and my JVs) will stick to the Ohio market since it's my backyard and the easiest way to build strong relationships.

Hello, pocket growers: What are two things you wish you knew when getting into note purchasing that you didn't know when you first dove in? Thanks in advance!

I suggest (I know this is self-serving) finding a local attorney to assist with your property management company to review that the lease is in good shape.  You only need one good lease per jurisdiction to refine to your particular property.   Good luck! 

I suggest searching your particular regions and making a lot of phone calls.  A lot of times, good attorney/client relationships are based on comfort and trust.   You'll know after a couple of phone calls or in person meetings.  Good luck! 

You'd need a release from the second buyer.  Once the agreement is signed, you have a deal.  Of course, if you back out of the deal, there's a chance the second buyer will decide it's not worth suing to enforce the contract.  I suggest finding a local real estate attorney.  He/she will be able to discuss your particular situation in more detail.  

A lot depends on your needs. If you're buying a FSBO, you may just need an attorney. If you're just starting your buying process, you are probably best served with an agent. An agent can also help recommend a lawyer since they're likely to have experience in the area. Go get'em.

Did you get this knocked out? If not, shoot me a message.

I'd move to a more reasonable investment area. If the goal is to make money, there are many other options.

In Ohio, unless your business is housed here, you'll need to file a Foreign LLC (or other structure) or else you won't get the protections of Ohio law. In order to file as a foreign LLC, you need one in your home state. Unfortunately, it sounds like you're stuck.

As previously stated - it's straight forward. Own it or don't sell it without a RE license. Even participating in the transaction can strike a violation of Ohio law. It's not worth the risk to get dinged with a serious crime.