All Forum Posts by: Paul Yevzikov

did anyone ever figure out an answer to this one?

Hey experts was hoping to get some clarification:

The debt forgiveness act, which forgives up to $2M forgiven debt subject to taxation when the bank issues a 1099 during a short:

Is it ONLY for the first $2M of the forgiven debt, -or- is it ONLY for loans that were under $2M on primary residences?

Specific situation is a luxury short sale where the loan amount is $2.5M, and approval is for $1.5M.

Will the seller get the 1099 for the entire 1M forgiven between original $2m and my $1.5m purchase, or will it just be the $500k to be taxed between the $2.5 and $2M limit.

Also backup question - if they can show they're insolvent at the time, will the F982 take care of the total amount, or no?

Don't see this everyday, so please advise.

Paul

Hey question for all you experts!

I am flipping a property A to C (short sale). How should I structure the paperwork so the C buyer can still qualify for the homebuyer tax credit?

Originally it was AB to BC double close short sale, so I am currently stepping out and allowing a contract from C buyer to A seller, and getting paid an assignment.

QUESTION: the C buyer went under contract with me (B) seller just in time to qualify for going under contract for the homebuyer credit. If I draw up a new A to C contract, it would be AFTER the contract time period for qualifying for the homebuyer credit. Therefore, it seems that I need to keep the existing B to C contract, and actually assign it, so that contract falls into being executed within the original timeframe required for the homebuyer credit.

Any thoughts?
#1 can the guy still qualify for the $8k tax credit if the contract is assigned
#2 is there a way to make a new a to c contract (without backdating it) in this situation that would still get the buyer the tax credit?

thanks,

Quick insurance question for the experts:

I'm acquiring a multifamily that is currently held in a trust. The current owner has a renter's policy, as well as an umbrella policy for his business that covers this multifamily. I will be taking over the property by becoming the trustee & partial beneficiary. Rather than be trustee & beneficiary in my own name, it will be in a special LLC I created just for the purpose.

What insurance and liability vehicles do I need to ensure are in place, to cover myself from an insurance standpoint? Property is in PA.

Thank you very much.

Referrals, signs, and cold calling are the main sources for me. Referrals produce the most, by far.

Thanks. Also what are your leads/deal?

I have found my numbers to be about 200 leads per deal CLOSED, and a few other wholesellers in urban areas confirm that.

Paul

Hello,

To make a long story short, I am considering an office in a new urban market on the east coast, and would like to hear your thoughts as to your typical wholesale spreads.

As part of business planning I'd like to see what accomplished wholesellers are making.

With a typical flipper (under $100K ARV) I have been able to make on avg $10K. Most usually I see people making $5-12K per wholesale consistently.

What are YOUR numbers?

All input would be greatly appreciated as part of the planning process.

Paul

the RedX.com (ask for a referral link)

and also just get on craigslist, fsbo.com, forsalebyowner.com, and spend 45 minutes firing off emails.

one of those FSBO sites has phone numbers.

Josh,

I think your magic touch fixed the problem. Thanks :)

PS: do you ever SLEEP? I see your posts at every single hour of the day man.

Paul

Hey guys had a question about a bug I've been encountering (probably something I'm doing wrong)

When I get emails about updates to my posts, I click the link and it just takes me back to the main forum page.

Here is a sample link from an email:
http://www.biggerpockets.com/forums/225/topics/26435-looking-for-buyers-in-philly

Said the conversation received responses, but it's nowhere to be found. Did it get deleted, or am I doing something wrong?

thanks,

Paul