All Forum Posts by: Brian Halstead

Some title companies are simply irresponsible telling you to call the Seller when it's their mistake is ridulculous. If you file your lien correctly you should easily be paid by the title company they warrant the deed that's what a warranty deed means they will have to pay up eventually. Don't be afaid to sue them, you might even get your court cost covered in the end. I once have a title company told me why I don't sign the release and give the Buyers his money back. When this guy decided not to close on the closing day and I being a nice Broker offered him 50/50 split, when all the escrow was clearly mine, as closing date superseded all other date on the contract. I had to educate them that money in escrow belong to no one, that's why it's escrowed and they can go ahead and give the money to the Buyer if they wish. Of course they didn't and the Buyer accepted my offer. And as a side note, I actually sold the property for more money before the Buyer eventually up his mind, I made on extra 10% on the deal.

I manage 15 rentals and do the same thing as

@Jeff Weaver atm deposit cards. I use Wells Fargo, the neat thing I ad is

there four number address as the atm pin eg. address 2564 Broadway 

pin # 2564 super simple that makes the card transferable, I also charge

a fee of $50 if they lose it.

Note if it three digits number address I add 0.

Thank you Jeff great tips I must try the google sheet and sign out all the

time is pretty clever.

I believe you should always choose to do your real estate classes in a classroom especially for your initial license. You will get so much more insight when compare to online classes also it's a great place to meet fellow investors, buyers and sellers.

@Levi T. I was afraid someone was going to say SEC. violation my investors and I are pretty tight.

I also fully disclose this to them they knew I would own the properties initially and was quite ok with

it. 

So I am can get a lawyer too as @Carl Fischer suggest it goes both ways. I more concern with the 

accounting aspects and tax implications.

Hello, I bought ten properties for me and two investor and used my LLC as this was a package deal six properties belong to me, the other four devided amonst two investors. My accountant insist I must have documents outlining the terms of the money (Loan) they gave to me to purchase this deal. I do have a document each signed stating which properties each paid for (paid towards) and also stating that rents would be interest only payment to them further the properties would be transferred to the investors at the end of a year. This would effectively satisfy their entire loan amount to my company. My problem is this, how do I transfer ownership to these owners, by quit claim for $10 or actual cost each paid for the property in the deal? I'm not worried about capital gains as there will be no profit for me in the transfer. Also each month after removing my management fee I transfer rent and property expenses to the investors. One of them insist I pay them the entire amount then he transfer the fee back. Both insist they own real estate and have LLCs that I send the rents to but actually they don't as I'm the one who owns all these properties in my LLC. There are many moving parts here I know so I welcome any advice on how to transfer the properties to my investor and how to best class the rents I give to them, in my taxes. Either as interest payments or 1099 expenses? I wrote this on my phone, I'm in Miami still without power after Hurricane Irma so forgive my error of grammar/punctuation, I'm hot and can't sleep. :-(

@Carlos Zapata  

I appreciate you taking the time to recommend your agency to me.

Gone are the days when you'll have an insurance Broker that holds and value your accounts

attentively.

I have to remind my agent that my insurance is due if I miss that letter from the insurer then boom it

is canceled. 

"Oh so glad you called me, yes that need to be paid today"

I need someone who is diligent at their job and search for the best prices and keep my accounts

up to date.

I am hoping I can find a good insurance broker preferable in the South Florida area to discuss the

opportunity of managing insurance for my portfolio of properties. 

Thank you for any assistance and or recommendation. 

@Steven 

@Steven Hamilton II 

I didn't state my comment as a fact, just a feeling. 

 It's a good idea to explain documents sent to an accountant,

I am sure all your investor clients do.

Thank you for your recommendation I will certainly contact him.

I have been looking for an accountant that really understands real estate investing for some time.

I have one of the most expensive accountants in the Miami area but I don't feel

that this company recommended by my wife about three years ago is creative 

enough with my taxes as I am in my real estate investing.

What I mean is I feel I can use an accounting software and get the same results.

I am looking for someone whom you have used that works with real estate investors

or is an investor themselves.

Thank you all so much for any assistance.

Hello, Everyone, How are you guys doing today I owe eight property in Jacksonville and I'm looking for

a contractor to do a couple repairs and fixes. 

I want preferably someone you or someone you know have used before and find to be reliable.

Thank you all in advance for looking.