All Forum Posts by: Beau Miller

Looking to set up a website for my Realtor business.  I'm (sadly) not tech savy, but I would like to be able to manipulate the site rather than paying someone else.  Needs to have the ability to have an email capability.  I appreciate all thoughts from both Realtors whose use a certain product or even sales folks from the site itself. 

Hoping to hear all feedback from anyone who has had experience, positive or negative, with purchasing non-performing notes / non-performing loans.  Thank you.

Hi Everyone! This is a tax/legal mix question. I'm curious as to what type of corporate structure(s) BP members are using when working with Private Investors of short term (Less than six months) residential home flips. That is, what type of corporation does your Private Lender use to loan money and what type of corporation do you use to receive and hold (If needed) the funds.

Also, do you receive the private funds directly to your corporate account or does the Private Investor send the funds directly to the closing agent so that there is no comingling of funds? On the other end, after the sale, do you receive the funds from closing and repay the Private Investor or do you name the Private Investor on the HUD/closing docs and have the funds disbursed by the closing agent?

Lastly, I'd image everyone sends a 1099 each year to their Private Lenders?

I have spoken with 3 different CPAs and have received almost, 3 completely different answers to these questions. I will continue to seek out the advise of professionals, but in the meantime, I was hoping for your feedback.

Thanks!

Business structure, Accountant, Private Lending, LLC, Partnership, Flipping, W-2, Dodd, Frank, Florida

Thanks, Ron S.  Assuming my friend's title agency is correct that the second mortgage was still attached to the property, how did this happen?  Was it simply a clerical error of the foreclosing documents?

Seems to be a difference of opinion on what survives a NC foreclosure.  Since NC is a non-judicial foreclosure state and FL is a judicial foreclosure state, could this account for the differences of opinion?

Appreciate feedback on this because I have a friend who recently went under contract with a lender on one of their REO properties. After completing title work, the property showed that there was a 2nd place mortgage still attached to the property. Since this mortgage was substantial, my friend walked. In FL, from my understanding, junior mortgages are wiped out at foreclosure, but I'm guessing this is not the hard and fast rule in NC?

Thanks, Gavin!

Hi All,

Hoping someone might have a recommendation for a CPA that is familiar with working with Investors in the Central Florida Area.  I am in Lakeland, but do not mind the drive.

Thanks!

Does anyone know if in Florida when a bank takes a home back via traditional county foreclosure auction, is the bank "Immune" (for lack of a better description) from liens (All? some?) that are currently on the property? Also assuming the bank does not plan to keep the property, but to sell it as quickly aspossible whether MLS or auction sale, or both.

Thanks!

Ned, appreciate the response.  You are right.  I gave the Auction.com Purchase agreement a good look over.  Though I am not an attorney, Section 10. Conveyance of Title does seem to open up the Buyer to a large amount of risk.  Thanks again!

I'm looking to buy a property from Auction.com in which the Seller (Bank) has taken back the property, not by official county auction foreclosure, but by deed in lieu. From county records, the home owner that deeded the property to the bank has a judgment against him from a small, local bank that (From what I can tell) is not attached to the property, but personal. My question is if I buy this property, could his prior personal judgment become my responsibility?

Related, Auction.com tells me that they can not say whether or not a Seller on/thru their auction site will satisfy existing liens prior to closing of the winning bidder.

Appreciate the feedback.