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All Forum Posts by: Ehab Tadrous

Ehab Tadrous has started 17 posts and replied 95 times.

Post: Investing solo 401k into notes

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13

@Dmitriy Fomichenko thanks so much .

Post: Investing solo 401k into notes

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13

Trying to recoup some of the losses for my 401k during 2022 by investing that using my self directed solo 401k into notes.

Which I have received a very enticing offer for short term return on small amounts to start and was provided these guarantees when I said it is too good to be true

 1. a promissory note with free and clear collateral 2. a jv agreement outlining the terms. 3. we'll use an eNotary like (docusign) so it's signed securely and additionally 4. A Personal Guranty that you can have your attorney hold onto for extra measures. 

Any idea or comments for this type of style of investment, anything to watch for ? Plus I have the paperwork of this company ??

Thanks

Ehab

@Richard Balsam this a tremendously great strategy I never heard of before . But is it easy to find such investors to buy rental steam

Post: Doing business in Maryland

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13

I have my LLC in Virginia but trying to buy a property in Maryland, is it preferred tax wise to have another LLC in MD . Or just registering my current LLC to do business in MD is enough ??

Thanks in advance

Post: Getting out of a sale contract

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13
Originally posted by @Tony Suniga:
I agree with @Dominique Pradel-Lewis

If your selling your right to the contract then he’s entitled to the property after close. What he decides to do with it is his choice, he’s not acting as a realtor selling others properties so he doesn’t need a license (check local laws) and he isn’t at fault for attempting to sell his future property. He may specify in the contract or when contacted by buyers that it’s not available until specific date.

As far as the contract goes, if he’s in breach which sounds like he is based off the way you describe it, and your contract states agreement is void if title commitment isn’t filed by day X. Then contract is void unless both parties continue to act as if contract is valid. Check your verbiage on the contract and if you think it won’t hold up contract a RE attorney. Usually the buyer has multiple outs in a contract but missing a deadline can kill a deal if written correctly.

 Thanks Tony 

Post: Getting out of a sale contract

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13
Originally posted by @Ned Carey:

@Ehab Tadrous I think you made some bad decisions and are regretting them now. 

So how do you move forward from here. 

You might see if he can sell it. If you have a title issue and can't get insurance, be happy he found a buyer sucker for you. You could make a formal complaint to the real estate commission. 

Presuming what he is doing is illegal, the contract is not valid. A contract for something illegal is not enforceable. But whether he is doing something illegal depends on what the contract states and in part what his intent was. The fact the contract says he can relist it on the MLS implies he never intended to close and is acting as a broker without a license.

The fact he has relisted it for double what you are getting does not  mean he will get that price or anywhere near it. The guy is probably a newbie. The fact he said he will file a lien against the property says he doesn't know what he is talking about. Yes he could file something but not a lien.  It is as likely as not he will not close on time and the contract will expire. 

 Thank you NED, you always helpful and get the core facts about everything GOD BLESS 

Post: Getting out of a sale contract

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13
Originally posted by @Dominique Pradel-Lewis:

@Ehab Tadrous If I understand correctly you signed a contract with him to sell the property for $27k. When you saw his listing for 53k you thought to yourself "shoot he is making way more on this deal than I am".  In the mean time you lined up another buyer for $32k and tried to find fault with him and the terms to nullify the contract.  Why didn't you raise the issue of legality before signing?  Unless he fails to deliver on closing by 10/2 the contract is enforceable.  You signed a legal document and you should treat it as such.  You certainly don't want the reputation of someone who is not true to his words verbal or written.

 Thank you, Dominique, I agree with you I will not ever need that reputation, but you thinking ideally from this buyers side, even though I am the most straight guy, just because when he presented at the property to show it for him, he checked from basement to chimney, and he persuaded me that he is an investor and will turn this mixed commercial property into a condo , he will just advertise it for this coming purpose , have his contractor come to check it and see what is needed to be done etc...,  in order to find tenants and get a high appraisal on it so he can recover his rehab money, LOGIC story right

eventually, nothing like that happened and he is fooling around never ever talked to me again after siging the contract and I call his title company and they never respond or every have this property set for search nor a contract or escrow money ..., then I get to talk to them when I sent a cancellation letter, they answered and said we are not obligated nor the buyer to tell you anything or when we want to work on the title or what we will do in the property

If you were in my shoes what do you think of this guy and his people, plus the property listed with a whole different brokerage does not even have a website or address 

who is the bad guy then ?!!!

Post: Getting out of a sale contract

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13
Originally posted by @Account Closed:

How can he wholesale it on the MLS? Is your contract assignable? He doesn't have to be licensed to buy your property It sounds like you are having seller's remorse and want to take the higher offer

I agree on what you saying but another broker is selling the property on the MLS . NOT MY BUYER . AND WHEN I ASKED HIM HE SAID I AM GETTING INTEREST FRIM PEOPLE BECAUSE I AM REHABBING IT AND WILL INVEST IN IT .

Post: Getting out of a sale contract

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13

The contract is not contingent on clear title . it only says if the buyer does not agree on a cloud or lien or anything that clouding the tie they should notify me within 20 days of me receiving the title commitment . which should jave been done but not yet . and that commitment should have been done 5 days of signing the contract which was 08/14/2018 

The contract also says he can assign or relist it on MLS but he is not licensed some other broker did list for him

I spoke to the PA realtor commission to check his name if he carries any license and he does not. Then I told the case and they asked me to file a complaint because doing wholesaling without a license is illegal in PA 

This guy signed the contract with me on $27 k and he is selling it for $53 k . 

Even though the contract states that he is allowed to reassign it or list it but he is not licensed 

What do you all think of filling the complaint like why the commission asked me to do ??? 

It is assigned a closing date of 10/02/18 

Post: Getting out of a sale contract

Ehab TadrousPosted
  • Manassas, VA
  • Posts 114
  • Votes 13

He is one of the buy for cash guys . trying to wholesale . and he suppose to insure the title . Because it was a sheriff sale . many title companies refuses to . but he is aware of that from the begining 

My whole fear he is wholesaling the property on MLS for double the money I am getting . and he is noy doing any work So far . if hus title does not insure it . I will lose my other actual buyer who is paying me 5k more

This guy also is not licensed as a broker or real estate agent in the state so I can complain to the commission and cancel the contract and he will be fined which I hate to do because of his business 

What do you think ?