All Forum Posts by: Scott Johnson

@Alyxandria Welch

Welcome, guys! I highly recommend the book real estate by the numbers. Definitely read that and post. Any questions you have throughout the process. We have a great community here to help you out.

I'm currently going through this with one of my clients. They are trying to purchase a home which was going through probate. It has taken four months.

Unfortunately, when probate is involved, the process can absolutely drag out.

I am dealing with a fraud claim that has been reported to the federal trade commission and the North Carolina Attorney General. This alleged company seems to have just given enough information to make themselves seem legitimate.

Does anyone have a referral for a private investigator? I'd like to unveil the true identity of the parties is involved in this scam.

The Federal Trade Commission watches trends in reports, they don't address single reports. If you've been in a similar situation, feel free to file a complaint with the FTC. That way there's a chance it will go on their radar.

Fraud Complaint filed with the Federal Trade Commission.

Estate Legal has CCed me on emails to the American Arbitrarion Association, stating that our contractual agreement requires us to use them for arbitration. I continue to affirm that no agreement between me and estate legal exist, as there was no meeting of the minds, which is required for a legal contract inder NC State Law.
I furthermore had rescinded my offer to enter into said contract with them due to this lack of the meeting of the minds.

I continue to request a full refund. 

I attempted to file a small claims suit in my home county, but confirmed that the suit has to be filed in a county where the defendant resides. So I'll be filing it in Los Angeles County California.

The primary thing you're going to run into is whether or not a lender, at purchase of the property, will allow there to be a secondary lien on the property. A lot of them have restrictions that state that the down payment has to be cash. I would confirm this first.

Otherwise, I just use Excel and develop my own pro forma from there. It's simple enough to make a row for income, and another for expenses, and then subdivide those expenses, and add them up in the total expenses cell and then subtract the gross income from those total expenses to get my net. From there, it's easy enough to look up the tax rate for corporations and make your tax burden assumption. Make sure to take it into consideration depreciation. This is located in the rental real estate publication by the IRS.

They're going to want to check with state law to confirm how the general assembly sees "notice delivery" as a whole. 

For foreclosures here in North Carolina, there is a certain amount of time that you can have a letter posted on their front door. Even if they don't open it, it's considered delivered. Moving forward, it may be prudent to send the notice 90 days in advance, check to see if they got it, and if they say that they didn't go ahead and post it on the door 60 days in advance.

For the second part, you're going to need to confirm how contract law works in Nevada, but here in North Carolina if there is a signed lease that lease stands for the entire duration. Meaning, I can't go raising the rent after both parties have signed the lease for a lower amount.

hope that helps!

@Jeremy Picker I'm having the same experience. It's interesting how the emails and texts get longer and more emotional while the spelling and grammar gets worse.

I'll be filing a fraud claim with the Federal Trade Commission. Filed an abuse complaint with their domain provider.