All Forum Posts by: Marquest Page

@Lance Lvovsky I presume I would need to consult with a CPA then. I wanted to get a better grasp on how this works really before making a commitment. I've never worked with a CPA before so not sure if free consultations are given to explain the strategy enough to make me want to commit. 

@Carl Fischer I didn't realize there was so many different methods of deferring taxes. I will research those that you've mentioned.

@Michael Plaks Sir, you've definitely given a very detailed explanation. You are correct I am wholesaling this deal and using a double close rather an assignment. Just to clarify, it seems that you're implying that there's no way to take the portion of my profits that should go to taxes and place them into an self directed IRA or 401K to defer taxes until a later time. I more so wanted to check if this strategy was something that is done or not a colleague whom invests as well suggest that I open a self directed and place the amount due to IRS into a retirement account to defer paying taxes for a later time and letting that money compound and make more money in the process. I know he's not a CPA so wasn't sure if this was a legit method or not. At the end of the day I know speaking with a local CPA may do me some good but figured I try asking here on BP first.

Thanks again guys for responding to my post.

Hello BP,

I am in need of any advice that can be given regarding spending less money from my proceeds to the IRS. I have a double closing scheduled just before the new year. I would rather not see my profits taken so I am trying to figure out methods to reduce the loss from Uncle Sam. I had a friend of mine suggest that I should open either a Self Directed IRA or Self Directed Solo 401k and place the funds that I would have needed to pay the IRS into the IRA or 401k. This would defer me paying the taxes until I pull the money out and while the tax amounts sit there they accrue interest which brings more profits vs just paying it upfront with no gain. Due to my friend not being a CPA I just wanted to get other's opinions on this strategy and any other suggestions you guys may have. Thanks in advance.

WE HAVE EQUITABLE INTEREST IN THIS PROPERTY AND ARE SELLING THE CONTRACT TO THIS PROPERTY.

1436 Woods Run Avenue Pittsburgh, PA 15212

INVESTMENT: Reduced from $95,000 to $75,000 Or Best Offer

Rehab: Due Diligence

Living Area: 10,800 SqFt

Built: 1920

Exterior Finish: Brick

Roof Type: Rubber

HOA: $0

Off Market Three Story Multifamily property near Brighton Heights area. This property Has Five (5) residential units between the second and third story with the ground level having commercial space that could also be converted into additional residential space if so desired. The property shows on county website as a four family however there are five residential units, however the additional unit runs off the same electric meter as the unit next to it, which would lead to the conclusion that they use to be one unit and was split to give additional rental income with the previous owner. This property needs TLC to maximize rental income potential. 

Unit 1: 2bedroom 1bathroom

Unit 2: Studio with 1bathroom

Units 3 through 5: 1bedroom 1bathroom

One of the 1bedroom units is tenant occupied and currently pays $500 monthly. This tenant has lived in this unit for over 10 years and is on a month to month lease. All other units are vacant. 

PLEASE DRIVE BY FIRST AND CALL TO SCHEDULE APPOINTMENT.

Require cash or a private/hard money loan in order to purchase. No conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $3,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract, clear and marketable title with a special warranty deed. All closings are with a licensed title company with Experienced Closing Services, LLC.

Buyer will be responsible for all closing costs unless otherwise indicated.

GOOGLE DRIVE LINK TO VIEW MORE PICTURES ARE AT THE FOLLOWING LINK:
https://drive.google.com/open?id=1xpuujoS4sZT_BYR2...

WE HAVE EQUITABLE INTEREST IN THIS PROPERTY AND ARE SELLING THE CONTRACT TO THIS PROPERTY.

1436 Woods Run Avenue Pittsburgh, PA 15212

INVESTMENT: $95,000 Or Best Offer

Rehab: Due Diligence

Living Area: 10,800 SqFt

Built: 1920

Exterior Finish: Brick

Roof Type: Rubber

HOA: $0

Off Market Three Story Multifamily property near Brighton Heights area. This property Has Five (5) residential units between the second and third story with the ground level having commercial space that could also be converted into additional residential space if so desired. The property shows on county website as a four family however there are five residential units, however the additional unit runs off the same electric meter as the unit next to it, which would lead to the conclusion that they use to be one unit and was split to give additional rental income with the previous owner. This property needs TLC to maximize rental income potential.

Unit 1: 2bedroom 1bathroom
Unit 2: Studio with 1bathroom
Units 3 through 5: 1bedroom 1bathroom

One of the 1bedroom units is tenant occupied and currently pays $500 monthly. This tenant has lived in this unit for over 10 years and is on a month to month lease. All other units are vacant.

PLEASE DRIVE BY FIRST AND CALL TO SCHEDULE APPOINTMENT.

Require cash or a private/hard money loan in order to purchase. No conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $3,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract, clear and marketable title with a special warranty deed. All closings are with a licensed title company with Experienced Closing Services, LLC.

Buyer will be responsible for all closing costs unless otherwise indicated.

GOOGLE DRIVE LINK TO VIEW MORE PICTURES ARE AT THE FOLLOWING LINK:
https://drive.google.com/open?id=1xpuujoS4sZT_BYR2...

WE HAVE EQUITABLE INTEREST IN THIS PROPERTY AND ARE SELLING THE CONTRACT TO THIS PROPERTY.

1436 Woods Run Avenue Pittsburgh, PA 15212

INVESTMENT: $95,000 Or Best Offer

Rehab: Due Diligence

Living Area: 10,800 SqFt

Built: 1920

Exterior Finish: Brick

Roof Type: Rubber

HOA: $0

Off Market Three Story Multifamily property near Brighton Heights area. This property Has Five (5) residential units between the second and third story with the ground level having commercial space that could also be converted into additional residential space if so desired. The property shows on county website as a four family however there are five residential units, however the additional unit runs off the same electric meter as the unit next to it, which would lead to the conclusion that they use to be one unit and was split to give additional rental income with the previous owner. This property needs TLC to maximize rental income potential.

Unit 1: 2bedroom 1bathroom
Unit 2: Studio with 1bathroom
Units 3 through 5: 1bedroom 1bathroom

One of the 1bedroom units is tenant occupied and currently pays $500 monthly. This tenant has lived in this unit for over 10 years and is on a month to month lease. All other units are vacant.

PLEASE DRIVE BY FIRST AND CALL TO SCHEDULE APPOINTMENT.

Require cash or a private/hard money loan in order to purchase. No conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $3,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract, clear and marketable title with a special warranty deed. All closings are with a licensed title company with Experienced Closing Services, LLC.

Buyer will be responsible for all closing costs unless otherwise indicated.

GOOGLE DRIVE LINK TO VIEW MORE PICTURES ARE AT THE FOLLOWING LINK:
https://drive.google.com/open?id=1xpuujoS4sZT_BYR2...

WE HAVE EQUITABLE INTEREST IN THIS PROPERTY AND ARE SELLING THE CONTRACT TO THIS PROPERTY.

INVESTMENT: $135,000 Or Best Offer

ARV: $215,000 +/-

Rehab: 

$10,000 -30,000 +/-

3 Bedroom 2 Bath

1260 SqFt (has not been measured, based off of Property appraiser site)

Built: 1952

Exterior Finish: Brick

HOA: $0

Off Market property in HIGHLY DESIREABLE area of McDonald, PA. This one level cozy Cape Code style home is on Oakridge Ave. Comes with two parcels, First Parcel has lot space of 12,990 sqft which includes the property and the second parcel is directly behind the first with 6,292 sqft of vacant land. Needs cosmetic rehab which could range from $10k -$30k depending on level of finish. Can also create an additional bedroom or bathroom with the existing living space.

PLEASE DRIVE BY FIRST AND CALL TO SCHEDULE APPOINTMENT.

Require cash or a private/hard money loan in order to purchase. No conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $3,000 non-refundable deposit at time of contract. Seller will convey using an as-is contract, clear and marketable title with a warranty deed. All closings are with a licensed title company with Experienced Closing Services, LLC.

OPEN HOUSE DATE: 10/11/2017 between 8am and 11am

Hello, I am very interested. Please send info here on BP or email me at [email protected]

Is this property still for sale?

Quick question for anyone whom may have any experience with closing wholesale deals with probate leads. Is it at all possible to place a home under contract with a contingency or clause advising closing will not occur until the probate process is complete and the title is transferred to the personal representative/heir?

I would have to piggy back off of @Evelyn Villa with her point of there being a need for a probate case to be opened up first. Maybe look into speaking with both a real estate attorney and a probate attorney. And if you already have a good relationship with the prospective seller I would look into referring her to a probate attorney. It might be a good idea to look up a few probate attorneys and interview them to not only assist the seller but also build a new lead source from the attorney. I've done something similar to my suggestion and now I am the ONLY investor that this particular probate attorney works with in regards to helping her clients with their any properties held within an estate that need to sell. 

This can be a situation where you can accomplish both closing this deal and setting up a new lead source essentially killing two birds with one stone. Good luck and let us know how things go. Looking forward to reading about your progress. God Bless.