All Forum Posts by: Account Closed

I am currently living overseas. Now looking for intelligent partners in CA who would like to make above $30,000 a month doing just one deal every month - or more if you are serious. 

Have a wealth of experience in Wholesaling and RE Investing. Developed programs that created investors from people with no money - the best type of buyers instead of cash buyers - as that way profit is 5 to 10 times greater.

Also developed an acquisition program for targeting single family homes in order to ensure all profit is tax free (legally)

As you have no experience you will get about the same amount of funds from investors - it is proportionate. Do some deals, get more education and experience - then look for funds with credentials behind you1

I have experience as an Environmental Planner. Also established the first set of Environmental Investment Funds for Friends Provident (years back)

The demand is growing - so plant yourself firmly, establish your reputation and ultimately you can blossom.

The market most people go for are the alternative culture types - but that is wrong - they have no money, or little. Gopher the upwardly mobile noveau riche.

I did that once when there was an auction that week - raced around getting more cards and increasing limits - so ended up with $120,000 of credit.

As it worked out I only used $50k - as the property was passed in and as the under-bidder got to negotiate with the seller directly after auction. Ended up with about a 20% discount to MV and then refinanced when I got the first mortgage for settlement.

Yes you can use credit cards. BUT NO!! You should not as you have zero experience and could end up in a ditch. Wait until you know what you are doing first!

Looks like you are going down the wrong street. Instead of acquiring properties you could flip them to cultivated investors (Not your average bear Cash Buyer) and be making $50,000 a month doing just one deal.

Sounds like you missed that detail when you got excited? 

You should specifically include in the contract that the Seller will provide access on request and absent themselves from the property when you wish to show it to persons with him you are negotiating tenancies. partnering, investment and other arrangements.

Call them up, ask when it would be convenient and arrive a bit early before your buyer - give the Seller funds or a voucher for the nearest coffee shop - and tell them not to come back for an hour

Careful following advice from lay persons - who give their views rather than professional opinion. In most instances a C Corp should be the vehicle used not an LLC unless the scale of your business is small.

Notice how few people in Real Estate are using C Corps? Those who do not are either small fry or heading for a fall.

Just another warning also on LLCs - if you do not have at least another member in addition to yourself you have no asset protection - as you are not able to defeat charging orders if you are a single member LLC

How many Wholesalers doing Double Closings are paying the Real Estate Transfer Taxes?

These can be quite expensive in some places. For instance The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost.

Before a deed, security instrument, or other writing can be recorded in the office of the clerk of the superior court, the real estate transfer tax must be paid. If a Wholesaler does a double closing in PA the transfer costs could amount to 4% - Failure to pay those costs will create a problem for the end buyer and anyone who subsequently buys from them.

Many Counties are now looking at increasing the rates in order to obtain more revenue. Who knows how much you should be paying in each State and particular Counties and Cities?

When you look at possibly paying 4% in transfer costs on a double closing (or at least half of that - as the end buyer would pay half) does paying $10,000 on a $500,000 house seem a bit dumb? Especially when you can keep closing costs down to under $1,000 by not double closing? 

How are wholesalers managing the payment or non-payment of transfer tax?