All Forum Posts by: John Smith

Let's say the seller sells the house for what he purchased it or less. Different state too much headache. For example let's say price of 100 000$ 40$k cash at closing and 60 payments of 1000$ per month. At this price there is no capital gains for him. So how do we deal with IRS?

In a situation where somebody owns property free and clear and sells it to a friend and agree to non interest owner financing , what they need to report anything to IRS besides that one sold the property and the other party bought the property. Thank you

Hi Guys, Could you please advise me on the following situation:
I have a property free and clear under the name of LLC. I would like to get some money out for another deal. Is there any type of stated income refinancing? 50% LTV is fine with me.
Thank you

Long term 5+ years ..

Let me see if i can understand ..

We will need 2 docs:
1.contract between me and my friend, that says he will be selling me the property for let say the amount of the mortgage
2.recorder memorandum

Once i am ready to sell the property i find a buyer and do a double closing.
I want to make sure that no money will go to my friend. So let say 5 years from now. The mortgage is paid to 150 000. I am selling the property for 300 000, but our initial contract says 190 000 which is the price of the mortgage. This means that 40 000 goes to my friend. What i need to put in the contract? Thank you

Thank you for you help guys. Sorry for the stupid question. But once this is recorded my friend won't be able to do anything with the property, but he is still the owner. What happens if i want to sell it for 300 000$ and there is a mortgage of 190 000$. The profit will go in my friends accounts...Please advise

Originally posted by Jeanine P.:

hello John,

You could file a memorandum at your county clerks recorder's office to cloud the title so he can't sell with out you. Once the loan goes through you could also immediately record a new deed with the both of you on the deed.

Could you please be more specific. What this memorandum should say?

Thank you

Hi Guys, could you please advise me on the following deal.

I had arranged a short sale on a 4plex from $500 000 to $192 000. The market value is around $250 000. I am using a friend of mines credit for FHA loan. We are going into closing in a week. Since this is my deal, What is the best way to protect my interest in the property. I want to make sure that my friend is not going to cheat me and sell the house.

Thank you