All Forum Posts by: Chris Martin

Unless you are running a sizable company, D&B isn't as important as your member's FICO scores and your Company's operating history. Commercial banks also will want personal guarantees for loans to LLCs and Corporations. I can't say that I blame them at all. Everyone lending money is still nervous... not much new lending going on.

Dan, just ask your local community bank if they use the D&B PAYDEX number for your kind of business. They should be able to tell you, definitively, 'yes' or 'no'.

Stephen, check your state laws... you can most likely sue for "performance" of the contract in the unlikely event the bank refuses to honor the contract and puts it back on the market. I've never seen this before on an REO. They tend to take their time on some closings.

David, I appreciate your contribution.

Example numbers in quotes. In Raleigh we had quite a run in 2003 where we would buy a "lightly worn" property ($63K), fix it up to retail condition to minimize maintenance ($14K), rent it ($900/month), then refinance it with a new mortgage ($77K.) In the end, we have $0 in, 30% equity, and cash flow of $250/month that is tax deferred after depreciation. The company still has most of its 2002-2004 property, which is performing without any appreciation (other than the "forced appreciation".) Jay DeCima would be happy.

Not sure how the numbers and ratios add up... and I'm not sure I care that much. Our LLC members are happy. Lots of long-term benefits from my field service contribution to the LLC;)

I always wondered what a real estate consultant does.

It sounds like you are in Connecticut as is Mr. B and the property. Connecticut state law should help you concerning landlord/tenant laws (like, how does the new owner kick out the tenants) as well as foreclosure process. Complaining to AHM SERVICING (not to be confused with the now defunct AHM... where my loans are now with Aurora) about the broker's conduct is the wrong audience. In this case, the legal system can and should be used to protect Mr. B's rights.