All Forum Posts by: Spencer McCain

Hi everyone, I'm still extremely new to this real estate thing. I've wholesaled one property about 5 years ago but after that I kinda got pulled away from it for awhile. Anyways, during the time I was away I learned a lot about business and financial management and I'm ready to dive in and get back to it. The last place I worked at I was talking with one of the owners and he does coaching for our local REA groups and does millions of dollars in deals each year in real estate investing. I was talking with him about wholesaling and he says that the "correct" way to wholesale a property is to actually purchase it under an LLC and then sell the actual LLC that owns the property. To me this seems to be a little over the top and unnecessary. I do see the logic behind it but, if I were to do it that way, I feel like I might as well rehab the property and flip it instead of going through all of that effort for a few thousand dollars... The deal I did before I just got the contract signed and then just assigned it and it was done. No problem. So my question is, does anyone else use LLC's this way for wholesaling or is this crazy?

Okay, so I now have a little more info about the land. 

Parcel: 00-0026-4204

If you go to this site and search for the parcel number then you can view the outline of the property.
http://maps.duchesne.utah.gov/flexviewers/Parcels/...

Here is the assessor page for the property:

http://records.duchesne.utah.gov/TaxRoll?year=2016...

The neighboring properties have water and electric. I talked to the electric company and they said it would be around $6500 to get the electricity ran to the property and the meter and everything else. I haven't been able to get a hold of the water company for about a week now. I don't imagine it would be too big of a job to get water ran to the property. I am going to get all the paper work taken care of by the end of this week so I will actually be the owner. I don't know much about finding the value of the land or the different options I have. Any help would be great!!

Okay, thanks everyone for the help. I talked with my dad and got him to agree to sign the quit claim deed. So now I am in the process of getting the quit claims signed. The question now is what to do with the property to maximize the profit. Any ideas?

@Rick H. Thank you for all the input.

@Steven Mecke
Hi Steven, thank you for your input. I have never even heard of an action to quit title so thank you for letting me know about that. I really appreciate it. 

@William Hochstedler

Yes, both grandparents are still alive. Unfortunately I don't know more information about how he had his name put on it. I know my grandparents have all of the paperwork to prove that they've paid everything and my dad has nothing but my grandparents don't want to have to hire a probate attorney. Are their any other options?

Hi everyone, I am relatively new to REI. I've been studying for quite awhile but am just beginning to take more action. I have been put in a potentially "lucky" position. My grandparents and my parents purchased a piece of land back in 2000 in Duchesne County, UT. They purchased it by paying just the back taxes which were only a few hundred dollars. My parents weren't legally on the title but some how my dads name was added to it a few years ago without my grandparents knowing. My mom passed away when I was really young so my grandparents have held the property so that they could use it to help me and my little sister out in the future. Well that time has come and they've told me that they will give it to me if my dad is willing to sign a quitclaim deed to give his rights to me. The problem here is my dad hasn't always been a very generous guy. He hasn't paid a dime to help with the taxes since the first year they bought it. My question is. If my dad is not willing to sign that quitclaim deed, is there another way to get his name taken off of the property since he hasn't paid his part for about 15 years?I talked to the recorders office and they said it would have to go through probate. Is that the only option?

Thanks in advance for your help!

That's a good idea. I've been to a few of the SLREIA meetings around salt lake and a few of their lunches. I think they provided a lot of value but, at that time I did not know enough for it to be very useful to me. I will definitely go check it out again though.

Hello, my name is Spencer and I'm 22 years old. I'm not very new to BP. I've been a member for quite sometime but I am new to posting and networking on BP. My main focus has been wholesaling due to my lack of capital. I have done a wholesale deal before with some help from a local mentor that I work with. I am looking to increase my education and of course, my income! I'm hoping to meet other investors and learn everything I can. Currently, my goal is to get to the point where I can wholesaling at least one deal per month consistently. This is just a little bit about where I'm at in my investing "career". I'd love to meet new people and learn or help however I can!