All Forum Posts by: Rav Ram

HI. Did you ever find something as an alternative to this program?

Thanks 

Hello Genius Members,

I have both an IRA and a 401K and I would like to understand how to do a subject to inside of these accounts. I am very familiar with how to buy/sell inside these accounts but I haven't done a Subject to and I was wondering what the steps and/or paperwork involved would be and how different of a transaction it is. Also I would love to know what t owatch out for.

This may be a bit more advanced, but I know that if i do it inside the 401K, there won't be any UBIT/UDFI in the event I sell the house before the mortgage is completed (as opposed to in an IRA).

Thanks 

yes, the person who John bought from had no idea that Jose renovated...

Rick, what is your experience with suing for partition and forced sale?

Jose has no money and can't pay $18K +... 

Also, without Jose's participation, John/Buyer has no "standing" or is not in a position to Sue the person that Jose purchased the property from without Jose's involvement, which is not possible. It's sad, but that's the situation!

Hi Jon,

John, the purchaser of the property is my friend and the seller who sold the property to Jose is not the same seller as the one who sold it to John. The seller who sold to John inherited the 1/2 duplex and doesn't know anything about what has gone on there. They owed $18K in taxes on the 1/2 duplex and basically sold ti to John for a small amount with the understanding that they would cover the taxes and make it go away.

It's clear that an Attorney should be involved. Jose is also an innocent party and the problem is that he doeesn't have deep pockets and is also not in a financial position to rectify the propeblem.

I am hoping someone has a creative way of getting to the unscrupoulos person... some cause of action or some other idea!

Can anyone help with ideas on what to do with this scenario that is occurring in Tarrant County Texas. This is a friend of mine's property.

John purchases a priority that consists of half a duplex prior to a tax sale directly from a seller. Each half of the duplex is marked with a separate address and there are two sides. Unbeknownst to John, 5 years prior to his purchase, the other side of the duplex was purchased by Jose through owner finance and Jose converted the house to a single family home. The reason Jose converted the house was because an unscrupulous prior owner advised Jose that both sides of the duplex were his.

It's not Joses fault and jose is a good family man who is an illegal immigrant afraid of suing the seller. But now the buyer is stuck!!!

Any thoughts on what to do.

Thanks Bryan. I will be lending to the dealership itself to purchase vehicles, then they resell to others with either their own financing or financing arranged by the dealership itself. With my funds, the cars are actually stored at the dealership. Though it's not like Real Estate, there are certain advantages that make it worthwhile. For example, most RE loans take 6+months and you need to keep looking for eligible borrowers and monitor rehab.

I have a friend who buys and sells cars at the auto auction and wants to somehow figure out a way to work together with me using my money and no other real resources (i'm not involved in business). I want to avoid UBIT (Or all possible business taxes) so I am thinking the best way to approach this is lending him say $20K, secured by the cars he buys, and charging a loan fee of some type (like points or $1,000 per vehicle) Plus interest, for each car he buys and sells. I would love to just say "Ok, we split all profits" and he will agree to that, but saying that, from my research results in Unrelated Business Income Tax which is almost like investing with my own funds. The same concept can be applied to say wanting to partner with someone to start other types of businesses.... like a Food Truck. You want to split profits, but not run afoul of the UBIT restrictions. This may be an advanced question, but I would love to hear your feedback on this.

1) Any ideas on what i'm thinking...

2) Has anyone done this type of loan? Any idea where I can get sample 401K loan agreements?

This property is in Fort Worth, TX. I don't do more than 3 or 5 of these transactions annually, so I don't think the RMLO requirement applies in my situation.

If i could find an insurer that covers both me as seller, my lender and the buyer, it will solve my problem. I also think it's a great niche for insurers because there are a lot of wraps going around these days. Hopefully someone has done this.

This property is in Fort Worth, Texas!!! Where is Patriot Insurance? I have searched and searched, and until I find someone who specializes in working with owner finance wrap arounds, i'm not a happy camper! Please let me know where they are!