All Forum Posts by: Sabina Hasan

Hi, if I am a new GP to a syndication. What legal documents should I expect to sign or be responsible for? I understand the operating agreement is a must. Do I also have to have my own attorney review the P&S , Do I have to sign the P&S as well? Is there one main GP that drives the P&S and legal docs then creates an operating agreement with me ? How is the purchasing and legal process of being a GP in a syndication. Any simple steps to this will help me do my own research.

From my current understanding - my partner is driving the P&S with his attorney and the seller. They will create an operating agreement with me and I should get an attorney to review and get an LLC. Just seeing if anyone can give a big picture to this

Can I sent a rental application to a tenant or another tenant offered me more rent ?

context- one family offered 2k and a single individual wants to negotiate to 1700. I am covering most of the utilities. 

Is it a legal reason if both tenants paid a $39 fee and put in application and I deny one of them because the other tenant is willing to pay more rent ? 

Situation: If you believe that your mortgage company will come after you for deficiency judgement on a foreclosed home, you currently own and live in a multi family... The foreclosed home was a second home you purchased. Both properties are in the state of MA.  If you decide to move to another state such as CT since they are anti deficiency, does this waive any judgments against you? 

Can you simply put your current property in a trust and move to a anti deficiency state to avoid judgement? and protect your current assets? 

Hi,

About two months ago, my property was condemned. I tried to do a deed in lieu with the bank because of the initial issues I had with their mortgage officer of being unethical. Too much happened here and the bank does not care. At this point I want to foreclose on this property quickly and I have not paid for 3 months and the bank doesn't care. Now the city wants to fine me for not cutting my grass.... How do I get my self off this deed so that the city does not bother me. 

1. The house is condemned and no one lives there for past 2 months

2. I am not paying a single Penney towards that nightmare at all and willing to go bankrupt and destroy my credit 

3. I have a letter of support from Congress regarding this matter and the bank still does not care 

I do not want to pay to cut grass because every time I go to this property I am emotionally hurt. This was for my growing family whom I can no longer bring too. I just can't step foot into this place. How do I have the city understand that I do not live here and not paying mortgage and they can put a lien if they want but I do not want to be responsible at all! 

Is there a way to abandon and show that I no longer care for this property? A way that the city leaves me alone from fining me? I want to walk away without the city coming after me now. I know the bank won't stop. Please help! 

Worcester, MA 

City shut off gas without any paper work and wants to condemn it. HUD told me it was safe. Example: HUD said replace one beam, city found 2 other beams and other structure issues in the same place without touching anything. Why was HUD not able to see what they saw? Why was it deemed safe for me to move in per the state?

I purchased an FHA mult family a few months ago. I have not been able to move in due to contractor delays. The building inspector came and recently shut the building down for health/safety reasons by turning off all the gas to each unit. I had a HUD consultant do a hud inspection for the FHA 203K, the plan was to move in with my family and child. HUD consultant stated that it was safe for me and my family to live in the property. I did not move in because of contractors coming in and out. The HUD consultant saw the whole property and from what he had saw, it was deemed safe. The building inspector did not deem it to be safe from what was visible, same visibility as the Hud consultant. He found more rotten beams, mechanical issues with the heating, the pipes to the water heater was hazardous and can cause leaks. I received nothing in writing and they shut off the heating to me and my tenants. There is at least 50 grand of work or more in this property now. I can't live there and I can no longer afford to pay. I was told by the mortgage lender that I didn't need a regular home inspections because the HUD inspector does the same thing and that's why I am paying $700 for the inspection.

What are my options? How is ethical for the HUD inspector and bank to do this? I know I am wrong by not doing my own inspection and I shouldn't have been swayed that way. The place is unsafe to live in, What makes it right for HUD to approve and say it is safe? Can I SUE HUD? What do I do? I can't afford this and everything I worked hard for will now be ruined. I had a perfect credit score of 780, it's all gone now. Are there any good lawyers for this?

This may be a dumb question but I want to know if it's legal? 

I have an LLC which I wanted to put into 2 of the multifamily properties that I own but I do not have 20% to convert and refinance under investment loan.

Can I put my 2 properties under the Property Management LLC that I own? Is this legal? I'll still pay taxes and report it. I want to make use of my blank LLC to build credit for the future.

Basically- take 5% of the rent I have and put it into the llc bank account to show activity and pay taxes on that later when I file? 

Hi,

I purchased a old home under FHA 203K and it was approved but I found out that the whole siding is wrapped in asbestos shingles and that the Radon level in the basement is 30 psi which makes it only 10 psi on the 1st floor. My reason to purchasing this property was to live in a bigger house with our 10 month old child and now I'm afraid to move in due to the radon level and the asbestos. Contractors are there to fix the foundation of the home and peeling paint of the window sills... The HUD inspector said I could live there during construction but no way I could with a child and wife due to all the work they are doing. Electricians are telling me that the building shouldn't even be occupied to all the hazardous wires. The lender basically told me I wouldn't need a home inspector if I already had a bank hud inspector go out there. The hud inspector was supposed to check 3 times and now they are telling me the contract was changed last minute, so that they aren't checking but just giving the loan. I want to make sure I am living in a safe place, this is why I even hired a HUD inspector.

1. Can I avoid living there for the 1st year if it's deemed hazardous for my 10 month old child? Asbestos wrapped and high radon level. Is there a way around it? I would just like to rent it out at this point and not live there, if its unsafe for my child 

2. Your thoughts in my situation? 

I feel like the loan was just pushed through because they had issues with appraisals coming through and it was pushed, I was told that there would be 3 inspections and draws and now there is no inspection and the bank just will give the money, I was told that the FHA hud counselor will be the same as doing a regular home inspection, I even looked up the mortgage company after and they had bad reviews which I was not aware of and I paid for services that I am not getting. My fault is not reading the fine print but I have email documentation of of what was said. Is it illegal for me not to live there because it hazardous for my child?