The purpose of an LLC is to protect you and all your personal assets outside of the LLC in the event of an unfavorable monetary judgement against the LLC.I agree with the other posters that setting up an LLC can be simple and inexpensive.But would I be willing to "bet the farm" on my ability to do everything required exactly right to remain out of reach of litigious hyenas?

If all you do is pay back taxes, the owner can tell you thank you, now buzz off.You either have to get the owner to agree to pay you back (in writing), and then you muust take themto court and get a judgement before you can place a lien on the proprty.

These can serve as back up exit strategies.For example, once you have a reliable tenant with cash flow in a property, you can find a buy and hold investor who will be much more interested in the property, since they'll be spared the trouble of finding a tenant for it.You can also owner finance the property and then sell the note to another investor.† You can sell part of the note for cash now and have income later or sell all of the note at once.If you're having trouble finding local investors, online auctions can offer your property to a potential global market.Even in a soft market some homes will still sell at or near full market value.† Of course, you don't want to incur six months of holding costs waiting for your price so you have to get creative to make your property stand out.† One way is to "Go Green".† A few touches like solar hot water with a tankless water heater back up and adding rain barrels to the downspouts in order to maintain landscaping inexpensively even during drought conditions can put your property ahead.† Everyone likes ideas that save them money and if it is good for the environment too that is an extra bonus.

The MSL number is not valid any longer.We went and looked into the windows yesterday to find out that the home has been stripped, the entire kitchen, and all bathroom cub boards, granite counter tops, fixtures, appliances, even the kitchen sink is gone.We realize that this has dramatically reduced the value of this home and we would still like to make an offer on this home hire a out of work sub- contractor to work for cash and replace everything back the way it was.The question I have is when I looked up the property records the home is still listed in the person's name that has defaulted but the clerk and comptroller's office is showing that this person has a judgement against them on this property from back in December.Is it possible that the records have just not been updated quick enough to show that the bank now owns this home?

It doesn't take much effort, but you should be able to get a judgement, and then just let it stay on the books until one day when she tries to buy a house again, and the judgement will still be there, and she'll have to pay it then.

I'm not trying to rain on the parade, but our country is so out of touch with reality, that reality often doesn't even enter into the equation.

I always put down large deposits on REOs, and while I still have the 7-day inspection period clause (I don't yet trust my judgement without an inspection), I think the large deposit has helped me get properties that I otherwise wouldn't have.

"Carona is using his powerful public office to benefit his personal interests," concluded Rain Minns, the Democrat challenging him for the State Senate, District 16, in the November 4th general election.

I just had a freakish weekend showing a house--the first applicant was a very attractive woman who worked for a cosmetic Surgery clinic -- she had obviously taken advantage of the employee discount--she had a very nice look and way about her- & her children were nice too--she was evasive about her credit -she said it wasn't "too good"----upon getting the screening back,the records showed she had undisclosed bankruptcy, recent eviction--she said that was her sister's eviction-- it was" just in her name", the LL name she gave me was not the property owner listed on the county records--"she said that was because of a divorce and he was hiding from his wife", the child support financial records to support her income I asked her to provide "couldn't be faxed because something was wrong with the fax machine at the clinic", and she had 30 recent collections as well as 4 new court judgements-- these were" just loans and things, so how does that affect me renting your house?"

Then go back into the archives.IIRC, many people who have sold recently have taken a huge cut from their listed/hoped for price.I won’t rain on your parade by answering your last question generally, but in my two cases, as I said, on the first, 30K less than lowest expected market sales price, I moved into it.