All Forum Posts by: Barry M.

@Katie Sikes

It all depends. What do you mean by wholesale deals? Are you saying that you buy properties for deep discounts, rehab them, and then sell them at a discount? Contract Assignment and wholesaling is one in the same I believe. If you co-mingle the contract assignment aspect of your business with the rehab aspect under the same entity, then every dollar generated will eventually get the dealer status. If you separate the entities for contract assignment and rehab into their own, the contract assignment entity will be the only entity that gets the dealer status. Also I do believe that you would have to utilize a realtor in the rehab entity a majority of the time to completely avoid dealer status. You could then wholesale or assign contracts "sometimes" as an exit strategy to unload inventory for the rehab entity. The IRS and the law can be very vague at times, so its probably best to talk to a real estate attorney in your area.

To Whomever may be able to answer this question. Is the profit sharing idea available for the Roth Solo 401k or only for the regular Solo 401k?

Morenike Arraheem Another way you can find buyers is to use listsource. Find out where the most buyers bought property within the previous six months or so, and then just find deals in those areas. You don't even have to purchase the list. The buyers will come find you because you have a property that's close to their other properties. GOOD LUCK!

...But if the subject property that Mike Watkins is using to market was never to be sold, then that would be unethical.

Vanessa Blais That's exactly what I was getting at. Using Craigslist as somewhat of a resume to showcase the deals that you are able to find. There is a thin line between what's ethical and unethical and it all relies on intention.

Mike Watkins If it's already up then leave it. It becomes unethical when you continue to post and post after you know it's not available. Like an employer who posts a position that they know they already have someone for, it's unfair to people who are truly interested.

Josh Adamo While doing your research on the decedent and the Personal Representative (Executor or whatever this person is called in your county) make sure to also cross reference the address that you get from the probate system with the system of the county assessors webpage or the site that gives property info in your county. This way you'll know who actually owns the property you inquire about. It should also tell you if it was an apartment, homestead, or non-homestead property and whose care it's in. All county systems are different. Good luck!!

Ned Carey Do you think Lexus Nexus would be good for Judgment Enforcement? I thinking of doing this along side my Wholesaling.

Eleena D. I would definitely do what Ann Contorno suggests and do some sort of Opportunity Cost or Cost/Benefit Analysis before making a firm decision. I agree that it is in anyone's best interest to contribute as much as toward a company match, but if you can find opportunities that yield a greater return/match than the opportunity that your employer provides, I would move forward with the other. In my opinion, Roth anything comes before any other investment shelter. You could invest $5000 in a tax deed and if you have the opportunity to actually attain the property, it may be an additional $5000-$6000 for all the quiet title process and other necessary fees, but you could end up with a $50,000 to $60,000 house. The realization of this option is dependent on the redemption period of your target market. Plus most companies don't offer aggressive enough choices to invest in. You'd be better off socking your funds under a mattress and waiting for the dollar to finally collapse. Lol. ;-).

Amenta Cousin Don't worry. Some people have strong personalities and some are easier going. That's just the name of the game. You should considered dealing with this as practice for when you have to face the real crazies out there. Some people may be abrupt, but most of what they says is the truth. All the other veterans in this game have been through the fire. Just overlook the tone and extract the message.