State Street is going to be a rental.  We may be buying it from ourselves along with another business partner and creating a new LLC for the property.

In case we didn't mention it, the whole reason we are fans of LLCs is because the United States is a litigious place filled with "victims" that have an increasing sense of entitlement.  We shouldn't have to try to protect ourselves from this stuff, but we do.  So, if someone get's hurt on your property, and they decide that their injury is your fault somehow, and they file a lawsuit, the lack of an LLC per property could see you losing more than just the house where the injury took place.  Hopefully one would not lose more than a few thousand dollars, but you never know -especially with the uncertainty of the extent of their injuries.  

So, creating an LLC and paying the $200 per year to maintain it with the state (at least that is the case in North Carolina) is very cheap insurance -on top of a landlord insurance policy.  It is not to say that it is bulletproof.  Lawyers can and have pierced the corporate veil that is afforded one through the use of an LLC, but it does make it just a little harder to do so.  

So, in theory, if something goes down and an organization or person owns multiple rental properties, the owner can limit liability to a small extent by putting each property into an LLC by itself.  Grouping properties together under one umbrella invites an injured party to all of the property -should the injuries warrant that kind of settlement.  You don't want to be wiped out by one event.  

We learned this from a man who owned a chain of fast food franchises.  He was a lawyer.  And every single restaurant, some not too far from one another, was it own little company or LLC.  

Protect yourself.  Don't step over dollars to pick up dimes.  Spend the money.  Go Pro and cough up a few shekels for long term view and care of the wealth that you are trying to build,  instead of taking the short term view.  


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Here's the Moreland Specific Site from our Realtor.  Click here.

State Street may be back on the market.  We are 93.5% sure that the buyer has fallen through.  So, we will put it back out there for another 30 days or so.  If it sells; great!  If not, no worries.  We'll pull it from the market.  

So, if you are looking for a nice little cottage in an up and coming area near downtown Raleigh, we have the perfect little 2/1 cottage for you.  The price is a steal considering all the money that went into it.  It can be yours for $168,000.00   But, absolutely no VA loans.  We are done dealing with that stuff and won't even consider a VA loan offer.  

This is an object lesson for anyone else out there dealing with a home that is 75 years old... even if it has been rewired, plumbed and is new from top to bottom.  The VA has some very strange ideas on what they want to see.  "Like jack up the home over the completely dry crawlspace and rebuild the foundation so as to provide more room," OR "dig down -even though the crawlspace is very dry after two solid weeks of rain."  Um... no.

This crazy nut ball of a house has been our "humbling house."  Either that, or it has been a great education and has brought us down a few pegs.  We've learned a few lessons, and will be trying hard to not make those mistakes again in the future.  This, too is a good thing.  Don't believe your own press.   

Stay tuned and we'll keep you posted on this continuing epic saga of State Street -The House that Won't Sell..  

Rough week.  But you know what?  This is the gig.  Things go wrong.  People refuse to show up.  Others that you may not want to show up will do so anyway.  Things will go wrong and it will be more often than you hope.  But hope isn't a strategy.  And you may find yourself making some serious adjustments to your plans.  But life is what happens when we are making plans.  

You know what?  This is the gig.  Let us say it a third time:  This is the gig.  Be prepared to reap your rewards when they come along without apology.  Be prepared to weather the tough times without complaint.  This is construction and remodeling after all.  There's no crying in construction.  No B and M-ing.  Pull out your pair of big person underwear and strap them on, baby.

We are confident that you are up to it.  

PS  This is a good reminder for us, as well.  

We posted a picture of the new front elevation of Moreland recently.  (Thanks to our favorite contractor for doing what he does and for sending us the picture.  BTW, he was really showing us the new sod and the fact that it was being watered.)  We are farther behind schedule than we hoped, but are very happy with the results.  And, we want  to remind everyone of where this house started...  check out this post...  http://www.boxbendcrew.com/blog/more-moreland
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Thank you!  We hit over 1,700 unique visitors to our site this week.  That's cool!  And we are extremely appreciative that you are willing to take your time to check out our behind-the-scenes blog.  If you have any questions, or want more information on any of our posts, please hit us up using the contact button, or by clicking here.  Thank you, again.  

Have a great weekend!

Yeah, baby! We are in North Dakota this week. (France last week and Florida next week.). But while we are gone, this (above) is going on. The fine folks at Above and Beyond have put the finishing touches on Moreland. Our good friend at Century 21 Triangle Group is going to list this bad boy, and we are incredibly pleased with the way this project has turned out.

If you are in the area and in the market, drive by or call Judson at Century 21 to look... and possibly buy.

Stay tuned.

We are back from France and are now on our way to North Dakota. (Next week will be Tampa.)

In the interim, it finally stopped raining in Raleigh. Thus the sod will go down on Moreland and we will finally list that bad boy. State is under contracts and getting a few repairs and check-ups before a slated close of 22 OCT 15. Moncure is going to auction with a profitable reserve. So, as always...

Stay tuned.