you guys do know he is holding some of these properties in his own name right? So if anything happens tenent sues he loses the property, RULE #1 in real estate investing protect your ASSets. I got a message and a payment from a noob to do some digging so more info to come. Might take a while the county this security operates in must be bumfuck egypt there records systems sucks donkey balls and I am having to do everything by runner.
Guess paintball equipment sales is high on the list as well
FURY PAINTBALL SUPPLY, LTD. 04/24/2003 Changed name to YOUR NEW HOME LLC. Status ACTIVE:
Bigger pockets link
http://www.biggerpockets.com/users/schockergdI currently hold two rental properties. One is in the final stages of being rehabbed and the other is done, waiting to be filled by a tenant.
I just applied for a refinance mortgage for the two properties and was denied due to having insufficient income to support the loan.
Personal income is ~$40k/yr <---------- This is low for a decent real estate agent
Rental income on these two will be $1675/mo
A good deal of cash reserves
FICO ~640
ARV of both properties is ~$160k , looking for $100k in refinance (62.5% LTV).
I'm waiting on the 'official' denial letter but did get a call from the branch manager stating that I was denied. I'll be looking at what all is on my credit report and if there's some loan/property in my name I'm not aware about, as I should have very, very little tied to my name in terms of monthly expenses/loans.
This is means he is holding properties in his own name using his own credit profile. You decide how you feel about that.
He could not obtain financing on his personal credit thus turned to the bitcoin community, nothing wrong with that. But checking his post on Bigger Pockets looks like he had failed at every other type of fund raising he had tried.
Property bought or sold between 6/1/13 and 7/10/14
Having problems finding any of the properties he has listed
Search of street name "logan" with no hits on his company or name.
http://pickaway.iviewauditor.com/Results.aspx?SearchType=Address&Criteria1=&Criteria2=&Criteria3=loganWe've been over this at least once (More likely twice in the thread). None of the properties are held in my name, they're all under the LLC's umbrella. W. Mill and E. Mill both had to be purchased in my name as a investor rather than the company. On the totem pole of purchaster types, investing entities are the lowest (NPO>Owner-Occ>Private investor>corporate investor). The properties were quit-claimed back I think in March I think since I was able to pay one filing fee, one title search and have both properties transfered to the LLC for the same fee.
At one time, aged entities (LLCs and S-Corps) were worth a mint due to automatic commercial underwriting giving aged entities priority. Back in '06-08 you could get almost an automatic $50k-$100k worth of financing if your business was old. It was so popular that entity brokers were selling 5-10 year old LLCs for $1,000-$2,000 with absolutely no history. I made the choice to pay the $50-$75 conversion fee to rename & reorient the company from my brother and I's old paintball LLC to the real estate related one. Because of this on bank documents the entity shows as a 13 year old one and not as a 5 or 1 year entity. If we ever get back to the situation where commercial loans are being automatically underwritten, it's going to be well worth it.
As I said above, all 8 properties are in the LLC name, the auditor's department has a very slow database when it comes to updating the public side. If you look at the actual addresses it shows the current updated tax biling address, the recorder also shows much more current data.
With regards to my personal income - The average US real estate agent makes $52k/yr. The average home sales price in the US is right around $200,000. Our town has a median sales price of $105,000. So, based on your assumption I really should be making only about $25k/yr. I have almost entirely phased out my real estate sales to pursue RS full time, so that certainly hasn't helped my personal income too much.
I find something alarming here, maybe branny can clear it up.
Why can I not find any of your properties listed in your name or your business name? When I pulled you background report is says you own 4 properties, something we should know about?
http://www.midohiorentalhomes.com/future-rentals/Has some other guys sign out in the yard? and you are renting it out?
Edit: I was asked by the person who requested the report to stop until branny answers some questions.
The question that is killing me is who owns the properties? This is kinda a big issue as I myself own a 16 plex apartment building in the D.C area and know a bit about real estate investing. When I buy properties I put them in a trust, NEVER EVER EVER in my own name. 1 Lawsuit and all your properties and investors properties are gone, like lets say you get in a car accident the people sue you and now you lost all those properties to some ambulance chasing lawyer.
When we get our properties in-contract, I've been putting them up on our public website in order to build interest. Rentals are still in phenominal demand and I want to build our website and FB page's traffic. So far, only one of our propreties has been rented via 'traditional advertising (paper) and the rest were online. In the case of Walnut & E. Mill street, because of the way I advertise we were paid in FULL for 1 month's rent and deposit 2 weeks before the properties were renovated. I'd much rather be in a position of getting early applicants than waiting 1, 2, 5 weeks after the rehab is done to find a renter.
Part of the reason I don't post the ownership information online is because one simple search relating to the US LLC will now show this thread and the screen names of the investors in this thread. Tenants could do it, laywers could do it in the case of a suit.
The thing about liability is that there *should* be multiple layers. In our case the first line of defense is insurance - We have a total of $12,000,000 worth of insurance on our properites all together. On top of this we are adding another $2,000,000-$5,000,000 umbrella policy to the LLC itself to build a second line of defense. The third line of defense is the fact that we're under a LLC, if we get sued *normally* the LLC is only sued and not the owners (me) since our operating agreement only shows the HK LTD as a minor stakeholder in the business. The 4th line would be me in a catastrophic event, 5th line would be the HK LTD. All of these layers of protection are to avoid any connection between a property sitting at XXXXX and you guys. If you TRULY want to start digging up the addresses and who lives there, my concern is that you're all opening yourself up to some liability.
As far a background report, i'm not sure what report you're talking about. My name is on 2 properties I purchased with my brother in 2007, I've been pretty clear about these in the past and even more so on our IRC channel. The other 2 might be E. Mill and W. Mill that were temporarily held in my name while they were quit-claimed over to the LLC because it saved us something like $5,000 on their purchase price.
I find something alarming here, maybe branny can clear it up.
Why can I not find any of your properties listed in your name or your business name? When I pulled you background report is says you own 4 properties, something we should know about?
What Branny owns is his affair.
Properties owned by his company are the business of his company, Investors can request information in the normal way.
Why are you asking it like this in such a public forum? Most reasonable people would ask quietly and then maybe go public if there is an issue. I feel comments like "I find something alarming here" imply you have an agenda.
Are you an existing investor or someone trying to pick holes in something which is starting to be a success?
I think Branny is away for a few days so you will probably have to wait a while for an answer assuming he can be bothered to tell you. In the other hand you could go and check the records directly in Circleville.
Andy
I am just doing what I got paid to do
, I research and pull info.... SO I DID PULL THE CIRCLEVILLE RECORDS if you can read. Think this is kinda important info for him to address and might be of future interest to any investor.
I could have went about it in a way more disruptive way believe me. You should have just let him respond, its not your choice to decided the question I can or can not ask. In so many words Andy I am telling you to eat a big bag of dicks
if you could not tell. Let me do what the kind person paid me to do, ask questions and find out answers.
We own properties in 2 different towns in Ohio, both in different counties. Both counties run on the same outdated auditor system. The recorderer system is much more current, and if you couldn't find any properites in my name it means you only searched the Auditor's outdated system and didn't pull from Realist or the recorder's office in any county.
Additionally - MOST of the deeds/current auditor records/addresses/more in-depth information has been provided to the top shareholders of the company. I do my best to be extraordinarily clear with them via chat, skype and IRC, however since Google craws & caches this thread on a hourly basis, I try to avoid additional information on here.
