All Forum Posts by: Paul Vincent

Chris T. Having a legal entity for protection helps without question. Another simple thing, but vitally important, is be kind and thoughtful to your tenants or colleagues. The golden rule is the cheapest but one of the most productive ways to reduce risk, I tell clients. Secondly, remember to maintain your asset. Don't let it turn into a place you wouldn't let your mother visit or at least make sure it's not a place that would shame your family name.

Quick answer - yes. And just hope it's a waste of money. Every year I'm happy to have not felt like I got my money's worth.

Self serving, I know -- but get a lawyer to discuss the details.  Also, discuss with an attorney that assists real estate investors.  There are a lot of investment opportunities out there with trusted groups.  

Tax liens interest rates are great -- unless you can't foreclose and collect the interest.  In Ohio, you can collect up to 18% interest, but if the property is too much of an armpit to find a buyer in the foreclosure auction or the property owner doesn't pay off your lien, you've got a certificate with $0 value.  Be careful when you're buying secondary (but really secondarily secondary due to it being sold post county) and do your homework before purchase.  It's worth finding a lawyer that handles this type of litigation to discuss the process.  

In Ohio, if you're marketing for sale and collecting a commission, you need a sales license, unless you own the property.  You only own the property if you're a title owner.  If you're not on title, you're risking a first degree misdemeanor or fifth degree felony.  Enforcement is happening more often with the increased wholesaling industry.  

I agree with Cody Cox and his summary. These are vital in the case you ever have to retrieve the asset through judicial/non judicial sale. Go get'em.

You got it Bob Malecki ! See you there.

Thanks, Wayne Snell and Dave Van Horn. Hope to see you both there. Went to Paper Source and couldn't have enjoy it more. My group is buying, so looking forward to growing the network and learning at Note Expo. Will also be pitching folks for their legal work in Ohio, so it will be a dual purpose deal. Thanks, again, for the insight.

Hey, all: Went to Paper Source and had a ball. Anybody want to chime in with their experience at the Note Expo? Thanks!!

Hi, Mario: Me and my firm focus on real estate law and could help. Let's snag a coffee sometime soon. I'll buy.