All Forum Posts by: Sonja Revells

@Chris Seveney primarily Padsplits 

Working on establishing business credit and about to register for a DUNS #...... does anyone know if having real estate investing in our LLC Name.... would be considered more risky to DUNS ...and applying for business credit? I really don't want to have to change our name/form a new LLC, AGAIN.... but want to have my best opportunity at building business credit from the start and I have been told by a few people that a more generic name is better..... a name that isn't specifically risky, like real estate investing.

DSCR purchase loans for existing Padsplit properties that have rental history, AND fix and flip loans that I will need to refinance into DSCR for properties I will turn into Padsplits.

 Of course I did that.... before even posting on Bigger Pockets, but I'm not seeing anything specifically about this company, just a bunch of businesses with similar names that do construction.  

Where are you finding reviews…?  I’ve been having trouble trying to find any. Although I haven’t done a deep dive yet. 

Hello, 

   I'm not sure if this is the "best" forum to post my question but hopefully it is.  :) 

Has anyone worked with a company called  Groundup-Solutions?   

It's a Business Credit and Financing platform that has three different levels of paid membership where they help you build business credit, connect with lenders, etc.   Of course each level grants you access to different things, I'm just wondering if anyone has tried it and if so, was it successful in helping you find funding? 

 @Chris Seveney  I know there were liens because I saw them on Propstream and when I pushed the wholesaler on the issue he confessed (two days before the closing date) that there were a Few liens on the property.      Shouldn't the title attorney have communicated to me that there were liens and for how much and that they would be paid off from the sale of the home?      The title company has never once responded to any of my phone calls or emails about this.  

@Russell Brazil shouldn't there have been something specific stating this?   When I wholesaled a property earlier this year, there were two mortgage liens on it, but it was spelled out that those would be paid off at closing from the proceeds.   The title attorney involved had open communication with all parties on this and an addendum was added to the contract stating this.  

I was looking for partners in my network who wanted to JV on this property, but they wanted to know for certain that the title was clear since it was through a wholesaler and not "traditionally" through a realtor. That is when I pushed the wholesaler hard and he confessed there were a few liens on the property. I never was able to get ANY response at all from the title attorney's office.

  Because of that.... I didn't pursue trying to obtain funding to close on the property. 

 Thank You @Lateefah Mathews. I have contacted 4 different attorney's and none of them are interested in taking on the case if I try to persue it, or they say because I didn't close on the property then I don't get the EMD back.

I was under the assumption because I wasn't informed of marektable title Before the closing date, that maybe there was/is a way to get the EMD back, but based on your response to my post, it doesn't look like I can.

I have a legal question about a contract I have with a wholesaler and the $5000 EMD

I was under contract for a property that I learned had liens on it..... it states in the contract that title must be marketable and if not, then I would get my EMD back..... However, even up until the day before closing I was never informed whether the title was Actually marketable or how and IF the liens would be paid off from the proceeds of the sale.

     I called and emailed the wholesaler's title company several times asking about this, BUT I never received a response so I did not move forward and close on the property.

Now the wholesaler is saying my EMD will go to the seller because I didn't close. Do I have a case at all? I am attaching the contract with highlighted section about this. I am Just trying to understand if I should fight them or not. I have reached out to a few attorney's and of course they are saying I would have to put them on retainer before giving advice.