All Forum Posts by: Mark Minehart

Looking through the site quickly there is a statement that state fees are an additional charge. Intuit is basically waiving the service charge to create the business entity. They will make thier money in the publicity and other offerings.

I would recommend people check out the site even if they are just researching, there is a lot of good info.

I will be forming an LLC in the next day or so and can post more info later.

I came across this special where MyCorporation.com is waiving the $149 filing fee to create a corp or LLC this week only. Very timely for me as I just aquired my second property and want to place it in a new LLC.

http://mycorporation.intuit.com/

Full disclosure, I work for another division of Intuit but a deal is a deal. :)

I'm extremely aggrivated by a bonehead mistake and wanted to see if anyone has delt with this before.

Long story short - I bought property in Ohio (great deal) intended for rental before I had my LLC set up. The Wells Fargo mortgage is of course in my personal name. My intent was always to get the property in my name then do a quit claim deed to the LLC. Thinking that since the loan itself will remain in my name I can still move the property over to the LLC for a small fee for the new deed.

Wells Fargo just informed me that I need to have a commercial loan to do this and that they would call for full payment if they found out I moved it.

Clearly, this is my mistake for not adequately researching this and ensuring my bases were covered.

Has anyone encountered this problem before? Is there a creative way around this that doesn't require a ton of money in closing costs and fees to rewrite the loan?

If you are a beginner like me, make sure you know the finer details and clearly explain what you are doing before you do it!
Mark

Thanks Tom!

I'm looking to build new financing relationships to fund single family home investments.

Reply to this forum with contact information if your are interested.

4rmgt,
Thanks for your reply. After a quick Google seach on finding Bankruptcy Trustee I think I found the person I need to talk to. You have been a great help! Thanks!

For those that need similar info go to the following website - http://www.usdoj.gov/ust/eo/ust_org/office_map.htm

There is a vacant property in my neighborhood that I have had my eye on for a while. I found out that the owner if in Chapter 7 bankruptcy. Can someone provide advice on how I should proceed to attempt to purchase the property? Do I contact the owner, county courthouse, mortgage company holding the primary mortgage on the property? How can I proceed?

Here are some details:
- The house was on the MLS about 6 months ago and has since been pulled off, now the owner is under Ch. 7 bankruptcy so I'm thinking they will be even more motivated to sell if they are allowed by the courts.
- The property is in Ohio.
- I want to move as fast as possible

Thanks