All Forum Posts by: Tony K.

Welcome Tiffany. I'm an investor from Seattle and focus on the King County off-market deals.

To get the highlight to work just type in @name ie. @John smith and click on the name in the dropdown menu below the message body.

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You look like a familiar face but have 1 post. Welcome

Thanks Wayne

Hey guys,

I had a question about how to account for end of the year taxes when dealing with partnerships/joint ventures. If the Purchase & Sale Agreement specifies that the parties involved would be the homeseller and me. Let's say I bought the house at $200,000 negotiated price.

If I wholesaled the house with a joint venture partner at $220,000 and there's a $20,000 assignment fee left between us to share. My question is, since the PASA specifies me as the buyer and the assignment contract also specifies me as the assignor, how can I split the check?

The escrow company I spoke to this morning mentioned that they can only write me 1 check since my partner is not a party to the transaction...

So would I take the $20,000 check and write a $10,000 check for my partner? How does taxes for a transaction like that work for me? I think it would be easier of the escrow company could give us each checks so we can do our own taxes.

Should I specify to add my partner's name to the assignment contract to specify that he is also part of the transaction?

How have others done joint ventures and split profits/taxes?

Thanks

Try to seal the envelopes and see if the response rate picks up again. 10-15% call rate is good, it's pretty common that most of them are tire-kickers or calling to be removed from the list. But when you get a good deal, that'll show that the farm is working.

A sponge or glue-stick would be the best option for mass letters. Don't just use too much water, as the envelopes will become damp and lose it's clean shape. I've found that some of the glue gels sold (vistaprint) have too much gel and envelopes stick together if you don't let it dry. Makes for messy envelopes, better go with a glue-stick.

Yellow letters seem to work better than craigslist.

Welcome to the community Curtis. Thanks for sharing the credit story and your goals in real estate investing.

If you'd like help with wholesaling as a new investor/wholesaler, there's a partnership program offered through my company, Seattle Cash for Houses that subsidizes the cost of direct mail marketing (we assign a farm territory) and teaches you how to negotiate and get deals. If you'd like to learn more I'd be happy to discuss with you further.

@Sam Albert Welcome to PNW. There should be lots of good cash-flow properties in the area, particularly in Tacoma. We were recently looking at a duplex there.

Hi we have a property under contract, which would be a great opportunity for a rental/cash-flow investor. The property is 40 minutes south of Seattle.

Address: 11847 SE 319th Pl, Auburn, Wa

ARV: $135,000

Rehab: 0

Buy Price: $107,000

Currently rented out at $1,100/month.

This is a particularly high cash flow property, considering it's location. I've seen SFR homes $300,000-$500,000 and do not yield $2,000+ in rent.

Send a message with e-mail address for pictures.

Tony

Hi @Adam Price

I am a local wholesaler here in Seattle, WA. We have a 3 acre property in Freeland, WA (Bounty loop area), which may be a good deal for you or your investors. I'd be happy to talk to you more about this property if interested.

lol @Tim G. ; that's a fantastic idea.

Hi @Mike Lisenby

Welcome to BP! You will find a lot of great information browsing these forums. As for myself, I am a wholesaler here in Seattle. We locate properties that are 20-%+ below market rate. We sometimes find great deal for fix and flip and cash-flow investors.

Happy hunting!