Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Account Closed

Account Closed has started 5 posts and replied 8 times.

Post: Avoiding Dealer Status

Account ClosedPosted
  • Posts 8
  • Votes 0

Does a corporation taxed as an S-Corp avoids dealer status completely?

Post: Last Set Of Thirteen Questions

Account ClosedPosted
  • Posts 8
  • Votes 0

1.) How 2 get my earnest money deposit back ?

2.) As far as me as a wholesaler & sum random cash buyer is concerned tell me what is the step by step process of both involved parties putting earnest money into escrow accounts?

3.) Hypothetically I don’t file a affidavit at all, Assuming I sumhow just trust the motivated seller, Take the seller at the seller’s word, that he won’t go behind my back,

THEN,

Let’s say I don’t find a cash buyer,

How will my inspection period be factored into LEGALLY backing out of the deal, myself?

4.) Yesterday me & a motivated seller agreed on a deal,

Today I payed earnest money to title company

Is that the correct process if not explain?

5.) Hypothetically speaking, the closing date supposed to b on or before January 25,

The Motivated Seller backs out the deal,

I been filed a affidavit so

How long does a cloud on title aka affidavit of agreement last on a house?

Forever, maybe?

6.) As a wholesaler am I legally obligated to offer any type of upfront deed to a potential cash buyer ?

7.) Virtual wholesale hypothetically so do I file a virtual affidavit of agreement to the County Clerk?

If so, then how ?

8.) Just an example

Yesterday, my motivated seller’s earnest money put up in a escrow of my choosing,

Today, my cash buyer’s earnest money put up in a escrow as well howeva Its with his own title company which is different from my initial escrow, that I had,

So tomorrow how will I transfer escrow funds from my original title company & put those with the cash buyer’s title company of choice?

9.) I market a house, then a cash buyer becomes interested,

However the cash buyer doesn’t kno wat he is purchasing until he does an on-site inspection so

Wat happens first the purchase & sale agreement OR the 10day walkthru period ?

10.) Let’s say, yesterday me & my motivated seller agreed on a deal,

Today, I file affidavit as protection of course,

Howeva b4 my 30days up, motivated seller cancels no apparent reason,

Then

A week later, Title Company calls me, to release the cloud & I basically negotiate & i get payed to not buy a house,

After all that settles, wat do I say to the cash buyer?

11.) Also does the motivated sellers very own negligence of terms & agreement means I keep the earnest money of the cash buyer or not ?

12.) I understand nothing too drastic however how much is it for me to sign the affidavit release form ?

13.) Also, is it the cash buyer that went behind my back or the motivated seller that will pay me to sign the affidavit release form?

Post: First Set Of Twenty-One Questions

Account ClosedPosted
  • Posts 8
  • Votes 0

1.) Why is it when buying a house from the tax sale,

Approximately 2-3weeks until afta auction is ONLY when I get possession?

2.) Describe a written notice to vacate.

Also, when is it ideal to be issued?

3.) Ejectment lawsuit can be filed after previous owner redeems but can it also be filed before he redeems?

4.) I’m aware the previous owner MUST PAY ME for my own ejectment lawsuit fees but what about also paying me for the exact disclosed amount I payed in back taxes ?

5.) Let’s say the State buys a home at tax sale, then I buy a house straight from the State, does that entitles me a tax deed to avoid the 3yr wait?

6.) If I buy me my own house, from sum guy

Do I sign the deed to the house as a transfer of title all while at the title company ?

7.) I receive a tax deed afta 3yrs,

Howeva does that tax deed, mean I don’t need a grant deed, general warranty deed, special warranty deed, nor a quitclaim deed?

If not, then explain, please?

8.) I get a house off tax auction, but there’s 3yrs until a tax deed, howeva does that mean I can sumhow rent it out?

9.) There’s a quote, “Lienholders must be given notice of tax sale by the investor. They have 1yr afta receipt of the notice, or the Administrative Redemption period which is longer to redeem”!!!

Does anybody

Care to explain everything this means in totality beyond reasonable doubt in full detail?

10.) Yesterday, got a tax lien certificate, does that mean today, I can change locks ?

11.) Also, does that mean if there is renters in it, I subject them to my terms to b their landlord?

12.) Let’s say I get a house off a tax auction.

My certificate as proof does that mean I gotta cut the grass just to resell the home to a flipper?

13.) If I were to sale my house without using a realtor,

Can I do it with just a deed?

And if so, wat type of deed?

But if not, then is a purchase & sale agreement in lieu of a deed ?

14.) My tax lien certificate under 3yrs can b sold for wateva price I come up with,

So how should i go about selling my tax lien certificate under 3yrs?

15.) I get a tax certificate at the auction, but to obtain rightful ownership on the deed,

Do I immediately file a quiet title ?

16.) Does the quiet title automatically eject the previous homeowner or the squatter in the House ?

17.) I wait 3yrs until a tax deed so in the meantime how do I stop the previous owner from taking the home from me ?

18.) Until I get a tax deed from the County

AND

assuming a previous disgruntled owner out on the prowl how do I go about making money off a house off of tax sale ?

19.) Does any deed take the place of a purchase & sale agreement when I outright sale my own home ?

20.) Do homeowners have in possession either a deed 2 their house coupled with their own types of grant, general warranty, special warranty, or quitclaim deeds on their persons,

OR that’s already in possession of the title company before a title search?

21.) I got a tax certificate from the tax sale, however wat separates me from being misconstrued as a potential squatter?

———————————-

Post: Alot Of Serious Questions

Account ClosedPosted
  • Posts 8
  • Votes 0

@Marcus Maloney Thanks!!!

Post: How to wholesale when house is listed with and agent?

Account ClosedPosted
  • Posts 8
  • Votes 0
Originally posted by @GARY LEONARD JR:

JUST SIMPLY SAY TO THE REALTOR- "HELLO MY NAME IS_ I AM A INVESTOR AND LOOKING TO BUY, FIX, AND SELL, I WANT TO MAKE $25,000 INTO $30,000, THIS IS NOT A LONG TERM STRATEGY,I'M LOOKING TO BE IN AND OUT OF THE DEAL QUICK."  JUST REMEMBER THE IMPORTANT THING IS YOU ARE GOING TO BUY, FIX AND SELL (EVEN IF YOU PLAN ON ASSIGNING) YOUR EXIT STRATEGY IS REALLY NONE OF THE AGENTS BUSINESS.  FURTHERMORE, THE AGENT SHOULDN'T BE CONCERNED HOW YOU ARE PURCHASING THE PROPERTY.  THEY ONLY CARE ABOUT IS THAT YOU DELIVER ONE WAY OR ANOTHER.


also is a LOI necessary if I can provide a POF standing alone ?

Post: How to wholesale when house is listed with and agent?

Account ClosedPosted
  • Posts 8
  • Votes 0
Originally posted by @GARY LEONARD JR:

JUST SIMPLY SAY TO THE REALTOR- "HELLO MY NAME IS_ I AM A INVESTOR AND LOOKING TO BUY, FIX, AND SELL, I WANT TO MAKE $25,000 INTO $30,000, THIS IS NOT A LONG TERM STRATEGY,I'M LOOKING TO BE IN AND OUT OF THE DEAL QUICK."  JUST REMEMBER THE IMPORTANT THING IS YOU ARE GOING TO BUY, FIX AND SELL (EVEN IF YOU PLAN ON ASSIGNING) YOUR EXIT STRATEGY IS REALLY NONE OF THE AGENTS BUSINESS.  FURTHERMORE, THE AGENT SHOULDN'T BE CONCERNED HOW YOU ARE PURCHASING THE PROPERTY.  THEY ONLY CARE ABOUT IS THAT YOU DELIVER ONE WAY OR ANOTHER.

Instead of saying “ I AM AWAITING MY LENDER TO WIRE OVER THE FUNDS WITHIN THE WEEK
SO I WILL BE ABLE TO CLOSE WITHIN 10 DAYS OR LESS” 

Could I say, I typically close in 20-30days ? If I say, 20-30 days will the realtor outright ask me wats the hold up being the realtor thinks I’m a cash buyer?

How do I assign the contract if the realtor’s contract clearly states nonassignable?

Also, can you walk me thru the emd I place & exactly when with the motivated seller if the cash buyer has a different title company for my EMD in mind?

How to explain 2 motivated seller’s realtor I’m bringing a cash buyer over for a showing?

Post: Alot On The Plate, But It Ain’t Gon’, Eat Itself

Account ClosedPosted
  • Posts 8
  • Votes 0

1.) Why is it when buying a house from the tax sale,

Approximately 2-3weeks until afta auction is ONLY when I get possession?

2.) Describe a written notice to vacate.

Also, when is it ideal to be issued?

3.) Ejectment lawsuit can be filed after previous owner redeems but can it also be filed before he redeems?

4.) I’m aware the previous owner MUST PAY ME for my own ejectment lawsuit fees but what about also paying me for the exact disclosed amount I payed in back taxes ?

5.) Let’s say the State buys a home at tax sale, then I buy a house straight from the State, does that entitles me a tax deed to avoid the 3yr wait?

6.) If I buy me my own house, from sum guy

Do I sign the deed to the house as a transfer of title all while at the title company ?

7.) I receive a tax deed afta 3yrs,

Howeva does that tax deed, mean I don’t need a grant deed, general warranty deed, special warranty deed, nor a quitclaim deed?

If not, then explain, please?

8.) I get a house off tax auction, but there’s 3yrs until a tax deed, howeva does that mean I can sumhow rent it out?

9.) There’s a quote, “Lienholders must be given notice of tax sale by the investor. They have 1yr afta receipt of the notice, or the Administrative Redemption period which is longer to redeem”!!!

Does anybody

Care to explain everything this means in totality beyond reasonable doubt in full detail?

10.) Yesterday, got a tax lien certificate, does that mean today, I can change locks ?

11.) Also, does that mean if there is renters in it, I subject them to my terms to b their landlord?

12.) Let’s say I get a house off a tax auction.

My certificate as proof does that mean I gotta cut the grass just to resell the home to a flipper?

13.) If I were to sale my house without using a realtor,

Can I do it with just a deed?

And if so, wat type of deed?

But if not, then is a purchase & sale agreement in lieu of a deed ?

14.) My tax lien certificate under 3yrs can b sold for wateva price I come up with,

So how should i go about selling my tax lien certificate under 3yrs?

15.) I get a tax certificate at the auction, but to obtain rightful ownership on the deed,

Do I immediately file a quiet title ?

16.) Does the quiet title automatically eject the previous homeowner or the squatter in the House ?

17.) I wait 3yrs until a tax deed so in the meantime how do I stop the previous owner from taking the home from me ?

18.) Until I get a tax deed from the County

AND

assuming a previous disgruntled owner out on the prowl how do I go about making money off a house off of tax sale ?

19.) Does any deed take the place of a purchase & sale agreement when I outright sale my own home ?

20.) Do homeowners have in possession either a deed 2 their house coupled with their own types of grant, general warranty, special warranty, or quitclaim deeds on their persons,

OR that’s already in possession of the title company before a title search?

21.) I got a tax certificate from the tax sale, however wat separates me from being misconstrued as a potential squatter?

———————————-

1.) How 2 get my earnest money deposit back ?

2.) As far as me as a wholesaler & sum random cash buyer is concerned tell me what is the step by step process of both involved parties putting earnest money into escrow accounts?

3.) Hypothetically I don’t file a affidavit at all, Assuming I sumhow just trust the motivated seller, Take the seller at the seller’s word, that he won’t go behind my back,

THEN,

Let’s say I don’t find a cash buyer,

How will my inspection period be factored into LEGALLY backing out of the deal, myself?

4.) Yesterday me & a motivated seller agreed on a deal,

Today I payed earnest money to title company

Is that the correct process if not explain?

5.) Hypothetically speaking, the closing date supposed to b on or before January 25,

The Motivated Seller backs out the deal,

I been filed a affidavit so

How long does a cloud on title aka affidavit of agreement last on a house?

Forever, maybe?

6.) As a wholesaler am I legally obligated to offer any type of upfront deed to a potential cash buyer ?

7.) Virtual wholesale hypothetically so do I file a virtual affidavit of agreement to the County Clerk?

If so, then how ?

8.) Just an example

Yesterday, my motivated seller’s earnest money put up in a escrow of my choosing,

Today, my cash buyer’s earnest money put up in a escrow as well howeva Its with his own title company which is different from my initial escrow, that I had,

So tomorrow how will I transfer escrow funds from my original title company & put those with the cash buyer’s title company of choice?

9.) I market a house, then a cash buyer becomes interested,

However the cash buyer doesn’t kno wat he is purchasing until he does an on-site inspection so

Wat happens first the purchase & sale agreement OR the 10day walkthru period ?

10.) Let’s say, yesterday me & my motivated seller agreed on a deal,

Today, I file affidavit as protection of course,

Howeva b4 my 30days up, motivated seller cancels no apparent reason,

Then

A week later, Title Company calls me, to release the cloud & I basically negotiate & i get payed to not buy a house,

After all that settles, wat do I say to the cash buyer?

11.) Also does the motivated sellers very own negligence of terms & agreement means I keep the earnest money of the cash buyer or not ?

12.) I understand nothing too drastic however how much is it for me to sign the affidavit release form ?

13.) Also, is it the cash buyer that went behind my back or the motivated seller that will pay me to sign the affidavit release form?

Post: Alot Of Serious Questions

Account ClosedPosted
  • Posts 8
  • Votes 0

1) do I make the motivated seller the affidavit or do I do it for him ?

2) Wat do I do if cash buyers wanna inspect the motivated seller’s house ?

3) If attending the double closing not necessary then how am I suppose to pay one set of closing fees?

4) No matter if it’s traditional or double closings do I turn in my purchase & sale agreement to the title company?

If so, wat about the one I have wit the end buyer ?

5) Is double closing or just wholesale in general illegal in Texas ?

6) If double closing takes days or weeks wat do I do if cash buyer or motivated gets anxious?

7) Do I outright tell the end buyer I wanna double close ?

8) Is it necessary for me to b there in person of a traditional closing?

9) If the end buyer typically picks out the title company

How will I know if the company is double closing friendly?

10) If I do a traditional closing r motivated seller & cash buyer in the same room ?

11) If I do a traditional closing, will movivated seller b infuriated that I’m selling & will the cash buyer b infuriated I’m the middle man ?

12) Is it necessary the end buyer knows there is a double closing taking place in 2 separate rooms ?

13) Is there a way I can keep him out the mix of things at least for the time being?

14) So let me get this right,

A+B/B+C,

C picks out the title company however

I, as B, walk in title company ask for a double close, then call up A, then A comes over, me & A, sign, no money exchanged yet, then me & C signs, then C pays me to pay A ?