All Forum Posts by: Jackie F.

I know at some point I am going to have to Hire an acquisitions person.. I would pay them on 1099 contract a percentage of the profit.. 

I know of course a contract agreement would need to be drawn up.. but how do I legally hire a 1099 contractor.. 
What forms do I need to fill, when do I send them to the IRS right away or just store them on file for tax time.. What exact steps are taken?

Also what is the steps for hiring contractors for flip projects and what not .. are they paid 1099 as well, Do I have to file any tax forms for them.. OR do they simply charge their price and I pay it...

Sorry, I overthink everything. 

Where can I get certain list.. I know some websites for probates, and the list source website.. but Where can I get list for Tax delinquent properties or properties that are getting code violations. Does List source have those options?

What are the steps to get started in wholesaling.. 

Of course step 1 for me because of my GREEN personality is to learn everything I can as quick as I can.. but what would you all suggest to do to get started as far as the actual action steps.. not just research.. 

My thought process is to speak with an attorney, file for business entity (Do not see myself going sold propietorship.. more than likely actually a partnership) Draw up all the contracts, of course I need a purchase agreement, assignment agreement, and possibly memorandum of contract..Open a business bank account, maybe speak with an accountant, Of course a website, build a buyers list, create relationships with an investor friendly title company, Create a marketing strategy.. 

What would you all suggest to do to get started, in order what steps do I take..  and how long should I take to get started, Jump right in or slow and steady? 

I do not have a mentor nor am in any local groups yet... 

@Percy N. Gotcha.. Yeah I knew of the assignment and HUD1 just no the double closing.. I have been looking into some investor friendly title companies I have some in mind.. 

When deposits and earnest money is paid, Does that automatically go into escrow with title or do you have to request and escrow acct be open.. 

THANK YOU! @Daniel Hyman .. 

@Percy N. Can you explain a double closing to me??

As a wholesaler, assigning a contract, are there fees associated with the title company that I would have to pay.. I am a newbie obviously and just in the planning stages.. I understand cash buyers pay for the closing of the home and earnest money needs to be sent, but are there any other fees that the "wholesaler" is responsible for with title for opening the title search and what not?

Myself and a colleague are going to become business partners and begin real estate investing. Wholesaling to start and then later moving on to flips. We are in Texas.

 We have some experience in the field so we are not completely novice.. However when it comes to starting a business I am LOST!

There are SO MANY different ways we can form the entity.. and I want your opinions on the best ones... 
My first initial thought was an LLC, but I am not sure how that works with there being two "owners" involved.. Can a plain LLC have two owners?

I also understand the option of a General partnership which requires no formal filing with the state..But there is also no liability protection and both partners are fully responsible for any debts of the business. 

Now my biggest concerns are taxes.. 

How are taxes filed with an LLC with two owners, if thats even a thing and how are taxes filed with a general partnership.. From my understanding on the general partnership a certain form has to be filed first and then another form has to be created and sent to each partner with their individual expenses and profits.. and then the two forms be filed together on each partners federal tax refund?

i could be completely over thinking this... 
Marketing, strategies, budgetting.. I am good at all those things.. But taxes and business entities are a foreign language.. 

Long story short.. anyone here have a partnership, how do you have it structured, whats the tax processes..