All Forum Posts by: Toni D.

Thanks David, I will call Joann in a few.

We used Guidant Financial in Bellevue, WA. This is a very restricted 401K; set up C corp & 401K has 51% share. This works for us because it's run like a business with payroll. They set up C Corp in CA for us in such a short time & always there to answer our questions! Best way for us to use our money & stay in control. Lawyer was incredible & that was part of the set up. Wont charge if you email questions. Cant beat that!!

Hi, Can someone recommend an insurance company that deals with Fidelity Bond (Erisa Bond) We were told that we need one for our 401K Corporate account which our 401K has 51% share & we own 49%?
Thank you!

Hi Linda,
Thank you very much for your concern & yes we were very leary also, so yesterday our client was on the phone with a so called "Director of Training" who knows no legal questions. Our client asked a lot of great questions, but she couldnt answer them. I really pushed our client to go to an atty to review the first set of paperwork which is a joke!
I agree with you with the 10 Day Push, now she is asking for an extension after I told her that no one has time during this holiday time to see a lawyer. Im pretty sure our client is passing on this lease option.
They cant answer how a mortgage holder & a leasee not be evicted from the property if an NOD or foreclosure comes up!!
Have a Merry Christmas & again THANK YOU FOR TAKING THE TIME TO WRITE TO ME!!!!!!! SINCERELY APPRECIATE IT!!!!!
Toni

Have anyone heard of this company who profess to help homeowners stay in their home by leasing back to homeowner after they sign the deed over to Bella HOmes. Bella says they will negotiate to purchase existing loan @ a discount, but homeowner is still liable for the loan as their name in on the loan docs & all property tax. After lease ends 3, 5 or 7 year lease, they can purchase property back at 90% of market value. Bella will give 60% of their monthly lease back to purchasing the property if they are on time with their lease payments.
Dont have a good feeling as there's no live person to talk to & they keep pushing their 10 days deadline acceptance of offer.

Unfortunately A is a major Bank. We have already wired our funds in to do exactly what you wrote in paragraph 2, but was told it was illegal. Now we are wasting time & money due to the upcoming Holidays! We rather be safe than sorry, but our first Wholesale deal is not a good experience so far. We've been purchasing properties via our cash & so much easier the traditional way!
Love your area in Rancho C, they did a great job creating that City. Hard to buy & flip to make a decent profit in Ranch C.

We are actually C & didnt know that B couldnt use our funds to close. It was brought to B's attenion that it was illegal. So thanks for your confirmation. It is a cash deal, so I just assumed it was illegal in CA!
This is our first Wholesale & not so sure if it is worth the headache so far. Closing should've been 2 weeks ago, now its delayed for another 2 weeks! Right in the Holiday season!

We are actually "C" & it is a cash deal, but was just informed that B needs to close escrow with A then deal with us after the closing. It would need to be 2 separate transaction. Originally they were using C funds(us) to close the A-B. This is our first wholesale deal & so far it's not a walk in the park.
Thanks for your response sincerely appreciate it.

We are in the process of purchasing a wholesale deal which we thought could close concurrently, but just learned that it was illegal. So now the process is A sells to B & actually close escrow then B becomes A to sell to us. This is in CA.
If somebody can update us in the latest legality of a Wholesale process in escrow.
Thank you in advance for your assistance!

Does a personal bankruptcy affect investors with S corp or C Corp? If investor is using 401K cash, will that affect the purchases of investment properties?