All Forum Posts by: Cameron White

Thank you for your reply - I can see a sub2 or a assignment but I don't exactly want to take the risk of having a loan called because a lender found out about this.  

If I did, for example, a lease option, how would I close when trying to sell to a new buyer?  I would need to exercise my option to buy (which I do not have money for) before I could sell it, so how do I sell the home without actually owning the home?  The key here is that I do not want to get a loan since they can take a while to get funded...

I have been considering investing in real estate for quite some time now.  I do not have enough money to purchase a home outright and in a couple of conversations I have had, I have lost leads due to my inability to close quickly.  I have looked into the creative financing department and have found that it could be a great option for me... if I knew how to close the dang thing.

My thinking is that if I, for example, wanted to purchase a home and got a seller to carry a loan - I would need to pay this loan off and take title before I OWNED the home, in which case I could sell the home to another buyer.  Since I never really have had the money to own the home, and therefore never really own the home... How do I actually sell without taking title?  Does this require me to do a double closing and sell before I actually own the home?

Here in Utah, I have a yearly renewal for my LLC and I take care of my taxes. That's about it.

As always, a cpa or lawyer would be able to answer this with accurate requirements for your state.

Good luck with your business!

Hello! I've searched around a bit and haven't been able to find a definite answer... Perhaps someone here can help me with this question. Are bandit signs legal in salt lake and utah counties in Utah? 

I'm no lawyer but I do have an LLC in the state of Utah for each of my real estate ventures. I do not have rental properties (yet) but when I do, I will put each home/unit under their own LLC for the liability protection alone. If something were to happen at one of my rental properties and a tenant attempts legal action, they can only sue for the max value of that particular LLC (or property) and not my entire portfolio (is how I understand it). Luckily I have not had any legal action on any of my LLCs so I haven't tested this.

There are still self employment taxes when you have an LLC and that's why I actually have an S corp that owns each LLC that I own. This rids myself of self employment taxes because it treats me as an employee of the S corp. I just pay myself a nominal salary and the rest of the earnings are disbursed as dividends to the stockholders (me).

To answer your last question, I believe you do have to pay taxes in each state.  You will have one federal tax return and one tax return for each state that you earned income for that tax year.

Again, I am no lawyer or CPA, so I recommend consulting with professionals that actually know what they are talking about.

Good luck!

Hello everyone!

I am from Salt Lake City, Utah and have recently moved out to Lehi. Real estate has always been my passion so I am proud to say that I am ready to take action on my dream of being a real estate investor. I have been an agent since February of 2013 and have done plenty of transactions but my real scope is being an actual investor with a wide portfolio of rentals, flips, and wholesaled properties. I am looking forward to increasing my network through BP.

Cameron