All Forum Posts by: Jason Crittenden

@Mario Nunez Not sure what state you're in, or what your contract says, but likely there was a due diligence period in which you would have been required to look into anything you'd like to look into, including representations made on an MLS listing for example.

You could try to bring a lawsuit if you wanted, I just don’t think you’d get very far. Your agent’s advice doesn’t negate your duty to research your purchase.

Now if they lied, or intentionally mislead or deceived you, that’s a different thing.

Reach out to the agent and perhaps their broker to ask if there is recourse. Are you wanting to cancel? Or sue?

Find a great agent in each state and have them send you listings until you find one that works for you. 

Again, to get the best (legal) possible answer, I would consult with a CPA. But my understanding is if you have a business (in this case we are talking about a S-Corp, that makes zero money, but pays $$$ out...the IRS might smell something fishy. It’s not usual that a business can make no income but pay out money, at least not sustainable. If you’re talking a few months, I’m certain that’s no issue. 

@Johnny McKeon Hey, no updates to this thread for 30 days, how is/did this sale go? I’m a local, would love to see what you got!

@Dakota Rice I hear you! As much as you want to rocket ship into 1,000 doors by tomorrow (we all do), sometimes it’s just a-ok to be right where you are.

Here’s what I do know: there’s ALWAYS a way to do things. You just might not like the answer (like getting a hard money loan). So ask the questions, get the data, and then decide if the juice is worth the squeeze.

It can be “no.” And that’s ok.

Save up over the next year, and then try again.

Just make a plan and execute.

You got this! 💪🏼

@Josephine Wilson cost depends....you’ll almost certainly be forced to become a REALTOR, which is a membership to the National Assoc. Of Realtors, as well as the Arizona Assoc. Of Realtors, and your local board in Tucson, that can be another $500-$600/yr. Your broker will take a cut of each deal (either fixed or a percentage). The class in AZ is 80 hours, and then 24 continuing hours every 2 years. Hope that helps, let me know if you have any other questions. If you’d like help finding a rock star in Tucson, I have a large network in Arizona, I can ask around. 

Heck yea @Jason Knight, get it son! 🔥

Get it @Nicholas Sheridan, Jr.!!! 

@Dakota Rice, good for you for continuing to ask HOW instead of hearing no and being done. 

While I do not know the answer directly to your question, I do know there are loans out there (like non-recourse loans) that do not use your income and credit scores as much as they use the collateral as the deciding factor. Look for a hard money lender, or even someone with a huge HELOC that can loan you money from their HELOC until you can refi and pay them off. Partner with someone else that has cash and do the grunt work, offering to pay them your half by using your 1/2 of the cash flow until it's 1) paid back via cash flow or 2) you can come up with the cash yourself. Then, you split the cash flow 50/50 after that.

Be creative, where there’s a will, there’s a way! Keep going brother! 

@Bob Evans, while I won’t have the answer directly to your question (that’s DEFINITELY a CPA questions, do you have one?) I was curious why you’d hire him as an employee (and have to pay employment taxes, social security, workers comp, etc) when you could bring him on as contract labor (as long as he makes his own schedule and isn’t using your Equiptment to run his business, that way you’d pay him his fee & save a lot in taxes. He would, too! 

Also, I have an s-corp and it’s just a pass through entity. I simply pay Independant contractors and at the end of the year, I deliver 1099’s to each of them and that’s run through the s-corp. 

Talk to your CPA, should be a quick phone call for them to plan this with you. Good luck sir!