All Forum Posts by: Chris Crawford

Thanks Angel. For the proceeds I have to pay seller I would have to issue him a 1099 right? Do you think putting it in a land trust would make things better for them? 

I'm about to a deal with someone who is in foreclosure. I've agreed to pay the reinstatement amount in exchange for them signing the deed over to me. At that time I will get the house cleaned up and list it on the market and when it sells I've agreed to get reimbursed my costs for reinstatement plus any other costs plus a fee for my efforts. The rest of the proceeds will go to the previous owner. I want to make sure I do this correctly from a tax standpoint since all I'm making is a flat fee. Since the previous owner is getting most of the proceeds does the closing attorney issue him a 1099S and then issue my company one for a much lower amount? Any advice would be appreciated.

I am in his program and it is great. I’ve been in a lot of programs over the years and what I like most about this one is you actually get to talk to him and not a staff member. His focus is on seller finance/terms deals. He does cover some wholesale/rehab material but it’s not the focus of the program. But to be honest there are way more terms deals out there so it’s a good thing.