All Forum Posts by: Account Closed
Account Closed has started 4 posts and replied 682 times.
Teri,
I've read your posts in all your threads here and I am going to make a suggestion you may not like...
Start interviewing some attorneys in your area familiar with the type of deals you want to do. Most of your posts are asking for legal opinions and the internet is not the place to get those.
If you can't afford to use an attorney to make sure you are complying with the laws in your area, how are you going to afford one when action is taken against you for violating those laws?
Originally posted by Austin Irabor:
But for now, be compliant & pool the funds yourself. Don't go looking for one guy with $100k. Find 30 people with $3k. It's actually easier.
...
If you do that you are not in compliance at the federal level or any state unless it is a fully registered offering.
Post: Landlord Kills Two Scumbags During Apartment Break-in
- Manhattan, NY
- Posts 801
- Votes 61
If all they wanted was the "stuff" they would've entered when no one was there.
I have a very simple philosophy on this type of thing...
If someone wants to steal my "stuff" they can do it when I am not around; that is why I have insurance.
However, if they choose to enter the house when I am there, then they have made a choice that will result in either me or them being, DRT.
I guarantee I will do everything in my power to make sure I am the one left standing to explain what happened to the police and contact my insurance company for new carpet.
I carry and while I have never had to shoot anyone, I came very close a few years back. I learned a great deal about myself in those few seconds AND in the time of reflection since then. I know for example, I could kill anyone threatening me or any innocent person around me and not give it any second thoughts.
The criminal had a choice to avoid the encounter. My only choice is to be a victim and put my fate in their hands or drop them and make sure they are DRT. I made my choice long before they ever made their fatal mistake in their choice of victim.
As for whether my approach is legally sound...
I'd rather be judged by twelve than carried by six.
(DRT = Dead Right There)
Post: Pactrust, Landtrust, Assumptions?
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by Dan O'Connor:
But, that is EXACTLY what you are doing with having the seller place a property in a trust and then "quietly" transferring the beneficial interest to the buyer.
FWIW, courts have agreed that it is a fraud by omission of material facts. When I have more time I will dig up and point you to some case law clarifying this.
Again, I have used trusts for this in the past, I don't now because it just isn't worth the extra hassle.
As for the seller stirring things up with the lender, we have that happen from time to time. It isn't as big of an issue as you might expect and easy to get the seller to correct it once they are properly motivated.
Post: Pactrust, Landtrust, Assumptions?
- Manhattan, NY
- Posts 801
- Votes 61
There is a better chance of Big Foot being found camping in Central Park in NYC than there is of ANY lender calling a loan due under the DOSC now or any time soon.
Not saying it can't happen, after all, lenders do some really stupid things. But, I can count on one hand with fingers left over the number of times I have seen a loan called for no other reason than title being transferred over the last 25 years.
Putting a property in a trust for the purpose of concealing any material fact from a lender is an act of fraud. Granted, again, I have never seen a lender pursue that angle, but that is really what it is.
If you want to go this route, a simple trust, with the seller's names in the trust name is usually sufficient to keep the lender from sniffing around too much.
When we buy sub2 we take title in an LLC and actually notify the lender of the transfer. Since 99.9999% of the time they will do nothing with that notification it makes it harder should they decide to try to call the note due down the road. Again, I am not saying you SHOULD do this, only that WE DO this.
At any rate, if you are going to buy sub2 you must be prepared to deal with the possibility, no matter how small, no matter how remote, of the lender calling the note under the DOSC.
Gatten's PACTrust is not bullet-proof the way he claims and it has been challenged in court and the court did not side with the trust, the trustee or the beneficiaries.
Dean,
Like you I held a career for many, many years while still investing in real estate. It is a balancing act but with a little planning you can get most of what you need to do done with little impact on your employer.
The primary thing is your employer needs to know they have your undivided attention devoted to doing the job you were hired to do when you are supposed to be doing it. You have breaks, down time, lunches and time before and after work. Those are going to be more than enough if you do a little planning.
Post: Guru Scam Words!
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by Larry Moore:
Post: Robert Allens Enlightened Wealth Institute
- Manhattan, NY
- Posts 801
- Votes 61
Originally posted by Dory Peters:
Second, information marketing is a legitimate and respectable business. ...
But, when you have failed using the information you are now trying to sell, well, then you have no credibility.
Robert Allen isn't scummy BECAUSE he sells information.
In my opinion, he is scummy because he sells BAD information to the ignorant dumbmasses.
Post: Loan Payoff
- Manhattan, NY
- Posts 801
- Votes 61
If you are paying based on a 10 CAP in Vegas in this market, you are paying WAY too much.
Post: New appraiser rules
- Manhattan, NY
- Posts 801
- Votes 61