All Forum Posts by: Bac Nguyen

Also, you need to have an entity (LLC, S-Corps) for tax write off. Again, and entity does provide some assets protection as well.

If you don't live in CA, then I believed it's wise choice to open a LLC (out of the gate) as benefits are out weight the cost.

Cheers,

Yes, it costs $800/year to have a LLC in CA. However, it's a tax write off. So, as long as you make money and the LLC provides some assets protection then it's worth it.

Also, if you plan to operate or do any business in CA then you need to pay the $800. The sate catching on and I don't believe you can get away with it.

@ Aquila Philllips - Mark Kohler is a very knowledgeable attorney and CPA. I am not sure what you mentioned about 12 months period. This might be more about the capital gain for tax purpose.

Cheers,

In short, CA is a tax deed state. So you might end up with a property. So, you need to know the FMV of the property.

I lived in San Diego. Are you still flip houses?

Cheers,

Javier, are you investing in the tax liens? I lived in San Diego and investing in 2nd NPN. I looked at tax liens awhile back. So, you probably know about tax lien vs. tax deed, right? Well, CA or San Diego county is a tax deed state/county

In short, in Tax Deed states governments actually sell the deed to the property at auction to investors in order to recoup their costs. In a Tax Lien state, the government sells a Tax Lien Certificate, and pays the investor interest until the tax lien certificate is redeemed

The due diligence is as simple as below:
Find the legal description if it is not already set forth on the sale list
•Find the property address
•Find the owner's name
•Find the assessed value
•Find the size of the parcel and what if any structures or improvements are on it

Your goal is to find tax lien properties that are worth far more than the back taxes owed. This would virtually guarantee one of two things: Either the owner will find a way to pay the taxes to avoid losing the property, or you will obtain a property that can be sold at a profit. If you keep to that conservative mindset, you are assured success.

Are you still flip houses? We should meet up.

Cheers,

Hi All,

I am looking for a FC attorney for NM? Any recommend is much appreciated.

Cheers,

@ KC Zhang - Can you send me the FC attorney info for IL? Thanks.

BTW, are you investing in 2nd or 1st? I am investing in 2nd NPN.

PS: Any recommend for attorney in New Mexico?

Cheers,

@Bill Gulley - I kind of disagree with you on buying notes on where you lived as you just limit yourself and your market. Frankly, if you can find  notes in your own backyard then it's a bonus.

The point is if the note is a good note then do you care where it located?

Secondly, the due diligence process is the same regardless where the notes are and mostly with the Internet you can do the due diligence anywhere. However, if you FC, then you should know the difference between judicial vs. non-judicial

@Nathan Tuner - I second for Dave Van Horn in Phily - is a very knowledge person on notes.

Cheers,

Nikki, not sure you have figure out the keywords or not. If so, you can login to your account. Go to "Forums" and set the keyword.

PS: Are you interesting in notes business? 

Happy investing!

@Jeff - Thanks for the info. I will look up the SD 401K as you mentioned. Cheers,

@ Ann - Thanks for the info and much appreciated. Cheers,