All Forum Posts by: Mitch Kronowit

I ran this by my attorneys just about a month ago. They recommend naming as many people as you can on your insurance policy. Even though your LLC may be the only one on title, if a plaintiff were ever to figure out who the LLC's members were, they would probably name them in the law suit as well. Plus, adding your name as additional insured doesn't cost anything, so why not?

Sorry, I've only bought property (never sold anything), so I can only give you half the story.

Understood Brian and sorry if my post sounded like personal criticism. It certainly was not. Since this forum is very much geared towards learning, my post was directed more towards other readers as an example of the tenant pool out there when your property is located in the lower end of the market. Thank you for the "real world" look at what comes to view these sort of properties so others may ask themselves, "Is this the class of clientele I desire to do business with."

Please read nothing else into my post for there is nothing else intended. :-)

I hope all the new investors scouring the properties in low-income/low-class areas in search of those units meeting the 50%/2% "rules" read this thread. Better quality properties attract better quality tenants and your vacancy rate drops. Higher quality properties are also more likely to increase in value once the economy recovers. This is a great source of wealth not factored into the "rules".

Let us know if you're able to find owner's names via tax records and which county you were successful in doing so. Here in Orange County, CA, you can pull up any property's tax bill, but the owner's name and address will be blanked out due to privacy.

Yes.

There are several threads here on BP detailing the process. We simply Grant Deeded our rental properties to our LLC and submitted the deeds to the county recorders office. We didn't do anything regarding the lender.

Perhaps. That simply proves the lenders aren't terribly concerned about looking for properties changing hands. If they were, it would be a rather small task to program that computer or train those "minimum wage people" to set off warning bells anytime the payer on a mortgage account didn't match the original name on the loan.

It's silly to think you're "pulling the wool" over the lender's eyes by hiding ownership transfer behind a trust while they're receiving monthly "notices" of the change anyways.

If you haven't been found, it's not necessarily because you're doing such a good job at hiding, it could be they're simply not looking that hard.

Uh, when the lender begins receiving mortgage payments from the "new" owner, doesn't that bring it to their attention???? :idea:

I use approx. 5% of purchase price to estimate closing costs. This includes prepaid taxes, interest, and such.

3-4% if making all cash offers.

Bingo! Look at his profile. 7 posts and already a negative influence score of -122.

This is a common bait type post where they wet your appetite and see if you bite. Then the sales pitch. Prove me wrong Marv.