All Forum Posts by: Steve Karp

How is the partnership change different if the liquidating partner is family? Are you saying the issue is who or what role the liquidating partner holds?

I have an LLC which is a partnership between my SDIRA and another entity. The other entity would like to liquidate it's position leaving the SDIRA with 100% ownership. Can this LLC ownership change be made with simple filings or does the LLC need to be dissolved to remove this other entity? Thank you for any feedback or perspective.

@Ben Phillips   For what its worth...  In January I did a conventional 20% down deal. That took 5 weeks to close.  Did a cash deal in March which took 10 days to close, then a more creative 5% down deal that took 3 1/2 months to close.  That last one was a non stop blizzard of ridiculous hurdles that took the relentless efforts of myself and my agent to push through.   While not always easy, paying cash will get it done quickly.  Then you can refi out and use the cash for more.  There's also the benefit of more than likely getting a preferred price.  I'm going to be using this approach as best I can to grow my portfolio.  I love leverage and using as little as possible, but the reality is you have to look at creative ways to accomplish your goals.  Things will change.  I'm going cash to build up my holdings, then at some point I'll be in a stronger position to leverage and use others money.

     It presents well and otherwise seems like a professional listing.  The easy barometer is showings.  If you have traffic and inquiries and no offers that = a price issue.  If you have no or low showings then its an issue with location or the property itself.  I'd guess you have traffic and its price.   I wont claim to be a master pricer. That's an art form.  Consider setting a price that drives traffic and results in multiple offers.  Then you have the leverage of multiple offers and the negotiations begin. 

@JohnAnderson   thank you.  I finally heard back from the Management company and the owner was the one who scheduled the tree trimmers.  They moved the trimmers to later in the day After I'm out.   So all good.     This was just one of the final battles in what has been an epic road to closing my deal which I plan on detailing in an Investor Diary once its all said and done.

Happy Friday BP'ers.  I'm moving out next week from a place I've been renting for 2 years.  The management company has been great and I've even had conversations with them about using them on properties I own.  I highly recommend them.  Once I opened escrow on my new residence, I let them know what was going on and when we were 30 days from closing, I submitted my formal Notice to Vacate.  I'm moving in a few days.  Yesterday the management company posted a notice that tree trimmers will be onsite on my move day and to clear out of the driveway so they can park their chippers.  I have stuff in my garage And otherwise need a clear path so my movers can load the truck.  I emailed them that I had advised them of my move date over 30 days ago. I believe I'm entitled to unimpeded access to move out.  They have not yet responded.  Am I correct?  Thoughts?   Thank you.

@Marquell Jones

I agree with the soft pass (its a great card to play too).  If the numbers don't work, they don't work. If the seller doesn't see that or refuses to acknowledge those facts, giving them the Professional opinion and walking away possibly will open their eyes.  That may take some time however as is, its not happening.  An alternative, or additional strategy would be to give him some vague details so he feels like he's gaining knowledge for the market.  As far as publicly available info like taxes, all that kind of data I look up myself before I ever approach a conversation.  That's preparation.  When you know as much if not more about the property as the Seller, you have an advantage.  Take the Soft Pass, give it some time.  Don't be surprised to get a call from them wanting to reopen the conversation.

pro Bono is probably unrealistic. It sounds like there's clearly an actionable cause and a six figure reward. If theres an RE attorney that would work contingency, that's what I'm asking. Why? Because a trusted friend of mine asked me.  Take your attitude elsewhere.  From what I understand of the scenario, I would think there's a fair reward if the fraud perpetrated is pursued.  There no mess here. It's a simple scenario. Hostile divorcing parties. An asset unscrupulously liquidated, a third party harmed.   

A good friend of mine, my agent, team member and RE Agent has a challenging escrow.  Seller is a divorcing couple.  My friend reps the buyer. This is a property in escrow.  The divorce is hostile.  They went in to escrow with knowledge of a notice of default.  Supposedly the sellers had open dialogue with the bank. Surprise! The property was sold at auction the other day far below the escrowed sales price.  Buyer is now looking for a contingency fee lawyer to proceed against seller. If you know of an LA/SFV area contigency RE lawyer please let me know.  As I said, the divorce is hostile.  They're supposed to split the proceeds of the house sale.  I suspect the husband colluded with a 3rd party and his divorce lawyer to let the property go at auction.  That clears the slate whereby there's $0 to split with his soon to be ex wife. Then the person who bought it at auction sells it at fair market value and the soon to be ex husband nets the full profit.    Thank you for your recommendations.   

I wouldn't get bogged down by such a detailed examination of a tenant.  If they meet your criteria, its a yes. if not, no.  If you allow pets, its best to have a weight limit.  Most weight limits are 25 to 30 pounds for dogs.  While I'm a numbers/what's on paper guy, there's exceptions. I'd agree with the others though, Why would an A/B type applicant be so interested in a C property?    Again, I don't care what color they are, what they look like, what they dress like per se. Of course that matters to a degree, but ultimately the rules and laws of landlording apply.  Non discriminatory.   It sucks to let a unit sit vacant. In the long run, you'll spend less if you exercise patience and rent to a tenant that has a cute little 25 pound dog.