All Forum Posts by: Account Closed

@Amit G.  Ada boy, thats what I want to do next

Right, and to that point the guy wrote a book called Clouded Titles (i think) and his claim was that back in the 90's when the banks were finally allowed to play in the securities arena the MERS system was put in to place but when the banks utilized it they did so incorrectly (most likely on purpose to expedite the process) 100% of the time, and so of the 70 million or so titles that were put in to the system each and every property title could not by any means be traced, because the banks instead of going A, B, C, D just went from A - D and then shredded all the physical titles after they were loaded electronically.  Now I've not read the book I've only listened to that podcast but it seemed legit to hear it told chronologically.  I dont know what to think about it but to quote my girlfriend it does seem kind of "chicken little the sky is falling bull s**t," but there may be a shred a validity to it.  Dunno

wow ok thanks so much for that input that puts me more at ease

did you only have insurance coverage or is the property is some legal entity like and LLC?

Has any one had any issues (or ever heard of anyone who has) with chain of title when buying a property thats been entered in to MERS.  Im looking at a duplex now and this system appears in the mortgage of the current owner which I pulled off of public record.  I invite anyone who's not familiar with this system to listen to the Joe Fairless podcast 'Best Real Estate Advice Ever' episode 1087 for a full explanation of what this is and why its a threat to investors.  I'm specifically looking to find out of its as serious of a threat as this guy makes it out to be and if so, how does the process work to "quiet the title" in my name and a ballpark figure of how much that would cost.  The guest on that episode says "gobs of money."  I don't know the conversion of gobs to dollars, but I'm guessing it's a lot.  I'm waiting on a call back from my attorney to see if he's familiar with this issue.

Thanks Friends 

Zack 

the episode of the podcast that had an attorney as the guest said (paraphrasing) from a tax standpoint it's beneficial to separate buy&holds from flips/wholesale deals because if they're all in one LLC the irs will elect the transactions that determine how you're taxed. The flips/wholesale deals obviously have a higher earnings potential in a year so guess which transactions they'll scrutinize? If they're in their own LLC then they don't have the option to differentiate

@Jamie Jones I am in the exact same situation as you down here in clearwater, brother

Nashville is my hometown so i'm naturally interested but i'm living in FL (near tampa in st pete/clearwater). The last statistic I heard ab Nash was something like 108 people per day were flocking there. Don't know if that's still accurate but I'd be interested in hearing other people's experiences.

Ada Boy great job, love those floors

Following