All Forum Posts by: Account Closed

Very blurry cryptic language with regards if it is a prohibited transaction. It may or may not based on how you look at it. You would of course have to disclose to the buyer that you have an interest in the property that was being sold from an ethical perspective.  Also, is the buyer a relative? 

LLCs are often economical and often work well both from an income "pass through" and personal liability perspective. Its sounds like your CPA is just blatantly misinforming you here.

If you are utilizing the auction route primarily, unless for the occasional deals which are increasingly rare, I have always thought that properties at auctions, sell close to or at market value and may not be a viable channel for finding deals. This is especially the case because most of the auction properties may also require additional repair funds which might place total acquisition cost at or above market value if not careful.

It sounds like the IRA custodian is simply trying to cover his or her rear. Also, a private placement memorandum is just good practice. The IRA in most cases is the investor's life savings/retirement account, hence the memorandum should be the very least of your concern. The IRS is very sensitive on how or what IRA funds are being utilized for. It doesn't seem from what you described that a registration with the SEC would be necessary per se -- especially if they are accredited.

Finding a good securities attorney could often be quite a chore. If any of you happen to have any referrals may send such by email or a private message. Thank you!

Are those your listings on the focus properties website and are those prices in dollars? 

It sounds like what they offered you was both reasonable and legal but is a matter of whether or not you trust their ability to deliver. The splits are always negotiable just like the rate of return any investor seeks on an investment. The level of investor involvement in the project is also always an issue so for the remote, 'hands off' investor, half of profits might make $en$e or might also be excessive.

As an issuer, its best to deal with accredited investors that are able to assign a premium to the level of risk undertaken but there are various specific conditions under which an unaccredited investor may be legally involved in various types of offerings and also various conditions where their involvement could disqualify the legality of the offer.

I see you both are in the same city. The question is if you worked this BlueSky Lending and this John Campo

@Joshua Dorkin 

Recently got an email from someone who claimed to be affiliated with the company BlueSky Lending LC and that they might be able to finance a certain deal I was putting together.

Had been conversing with the apparent impersonator through an email listed on the biggerpockets profile; however, on 'copying' an email of the 'same person' listed on the company's business website, I got a response from one John claiming not to know the other John and wanting to know what was going on. Apparently, some sort of impersonation. 

I am also not sure if the company BlueSky Lending LC is a legit entity at all.

Has anyone fell victim to this company or a certain 'John Campo' yet? This is a serious federal crime.

This was from how many companies?