All Forum Posts by: Chad Hurin

@Zach Mitchell - Thanks! I see. That seems like it can be very frustrating! 

Thanks @Melissa W. for your reply.

@Dennis Pressey Jr - I realize that wholesalers don't deal with loaning anything. I was using that analogy because loan sharks typically prey on the needy or desperate. Correct me if I'm wrong but it seems that part a wholesalers job is to look for motivated (aka desperate) sellers. Payday loan industry exists because people are desperate for money now but are charged >600%APR to get that easy money. I guess there is more to it than the predatorial aspect? (for the 'bad' wholesalers)

My question about Assignment over double close had to do with why have the option at all to hide the wholesalers profits if its ethical (why go through the extra money and hassle)?

Thanks everyone for the responses!

If the job of the wholesaler is to broker the deal between seller and buyer, couldn't the buyer find the same deal and save the assignment fee?

• What special skill does wholesalers have?
• Is there rule of thumb for wholesalers to make the deal? A formula?
• Wouldn't wholesalers be in the category of loan sharks; preying on the "motivated".

1. I assume they have some special skill that does provide a service to the motivated? No disrespect from honest wholesalers; just trying to understand.

• Why chose assignment form over double close/escrow (hiding the profit of the wholesale)?
• What happens if the wholesaler doesn't find a buyer? Just lose ernest money?

I know some of these are basic. Please help me understand. Thank you!

@Jeremy Tillotson - I didn't mention that I buy the house as a rental property and it wouldnt be sold (any time soon).

@Ned Carey - So after you mortgage a property to have as a rental; set this property up this way. The link and podcast 109 mentions in order to keep anonymity to hide your other assets you can have the property deeded to the trust. Now just trying to figure out the LLC part. No, it is not a subject-to. I just mention freind/family bc i was using someone as the trustee. So this trustee could be another LLC or corp?

Additional questions: 

1. 1. if you can have the trustee as a LLC or Corp, do you have the LLC in your name?

Hi, old account but new activity & first BP forum post.

I've been looking up Asset protection with LLC & Land Trust (listen to podcast 109). I had a few questions after I 'think' i understand the process. Link below.

Is the process: buy mortgaged property. Deed title to land trust (123 Maple Trust) with friend/family the trustee and you(investor) as grantor and beneficiary (for time being). Then set up LLC with Land Trust name or any other generic name?(123 Maple LLC)? Switch you and newly formed LLC as beneficiary? Is this the concept for keep anonymity and protection by not having your real name on the trust or LLC?

Questions

• If not, where did i go wrong?
  
  • Can the Land Trust set up an LLC

• If the above strategy is correct, how would one try to sue property owner with this strategy?
  • Read something(link below) about dissolving the trust if being sued? whats this about?
• Is freind/family(trustee) in danger of litigation?

Wow, this is all over the place. Any info would be great or links to resources. 

Thank you BP.

http://www.biggerpockets.com/renewsblog/2009/03/11...