All Forum Posts by: Zack Kosenka

@Justin Brown I know there is also a fee involved in paying off the mortgage (if there is one on the property) too soon also. So, those will eat into your profits. Mortgage Prepayment Penalty is what it is called and if you sell under a year it would be 2% of the outstanding principal. It drops down to 1% during year two. 

I am not a professional - just sharing my own research on buying and selling properties. 

@Bill B. what makes this situation tricky (or extremely easy) is that there is no lease or any other written agreement legally binding the nephew to the house. He is basically squatting at a relative's house. But you are right, I should talk to a lawyer. 

@Theresa Harris she is on the title - she is the sole, rightful owner. And yes she wants very little for the house. 

Hello Again BP, 

It seems like my BP Karma is only one-sided (I always ask for help, but never really give any). I promise once I finally acquire a property and officially start becoming a real estate investor, I will pay it forward!

My latest lead is a co-worker who was in tears because her house is being destroyed by her nephew. She inherited the house and it is owned free and clear. Not to get into too much detail about her and her family - she feels like they are taking advantage of her and also she believes her sisters are not being honest about the situation. 

My question is - does the nephew need to move out of the house before she sells or could she sell the house to me and leave the drama of kicking the nephew out my responsibility? 

Oh, and there is NO LEASE involved in this situation. She is letting him and his family (wife and kid) live there free and clear. 

Thanks for any advice!

Zack

@Joseph Stroud I did set up my first LLC by myself. It was inexpensive and extremely easy. Now all I need is my EIN and insurance. Thanks again!

So I called a local attorney and he said I should "layer my liabilities". Have the construction company in one LLC and the property management company in another LLC and have the property in yet another LLC.

It made sense, but not sure if it is necessary. 

@Joseph Stroud yes I found the website and the forms for my state. Seems straightforward, but now I have read about the option of S Corp and how it could save you money by protecting your money from being over-taxed. 

I think I will take @Cody Lewis wife's advice and talk to a professional. I posted the same question on a FB group and someone has reached out to help.

Thanks for your input!

Hello, 

Need to set up an LLC and was wondering what other people are using? ZenBusiness? LegalZoom? or a Local Agent?

Any opinions would be helpful! 

Thanks, 

Zack

@Mitch Messer ok so did a little skip tracing google search (admittingly had no idea what you were talking about) and have a follow-up question. What website/database/strategy has the best and most accurate outcome with cellphones? 

Currently watching your "tired landlord" video too. 

@Mitch Messer cool. THanks, I thought I was wasting my time