All Forum Posts by: Curtis Brown

By the way what is the ordinary tax for a dealer?

Thanks for all the info guys.

Is their any way around being called a dealer by the IRS. Like flipping properties under an LLC or some other entity. Could some please help me umderstand this one.

With all the FHA guidelines. What is the best way to buy rehab and sell a property with in 3 months besides finding a all cash buyer.

And with the price being so cheap question. I would like to know why is the bank selling it so cheap if it's assessed at 110k. if it's assessed at 110k shouldn't it be appraised for around the same price or atleast close.I kind of feel like odds are against with banks and lenders.

Is it possible to wholesale a REO property for more than double of what you have it under contract for with out doing any fixing as long as there is enough equity.

example:
1) Put REO under contract for 30k.
2) House Assessed value is 110k
3) I want to sell it for 70k.
Is this possible, or does it depend on the buyers lender.

He will contribute funds as well. But i just want to make sure that it's legal because of how these mortgage laws can be. Any other suggestions?

If me and my friend have an llc company together and we both are 50/50 in this. If I sell him a property of mine is it legal to invest the profit from the property in the llc we both own.

So is their any way possible to do everything you just mentioned and pull cash out when i refinance?

Thanks chris, So your saying with a rehab to perm type loan i can get the loan to purchse the property plus extra rehab funds up to 75 % arv. which means any extra money i have left after the rehab is done i can just keep it and use it for another deal? And also roll that loan over to a regular 30 year fixed loan. which means i don't have to refinance because it's already a regular loan now.

I'm just making sure thats how it works.
If so just reply with a yes.