28 May 2021 | 4 replies
You can easily transfer title to your LLC shortly after purchase.From what I've heard, land trusts don't provide any asset protection or tax benefits as an LLC would so DEFINITELY speak with an attorney before going down that road.
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6 January 2022 | 5 replies
We might also transfer the title to the LLC.
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5 June 2021 | 7 replies
Originally posted by @Lynnette E.
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30 May 2021 | 13 replies
They will make your life easier and save you from this kind of headache.ON-FIRE Agent means they are:O - Organize (The Investor-Agent must be well-organized)N - Network (The Investor-Agent must be well networked with other Real Estate professionals like Lenders, Appraisers, Property Managers, Inspectors, Insurance Agent, Contractors, etc)F - Focus (The Investor-Agent MUST Focus on YOU)I - Investor/Investment-Savvy (MUST be INVESTMENT SAVVY)R - Responsive (Must Be responsive and answer your call/text)E - Experience (Must be an investor or have experience working with investors)Savvy Agents will put your interest first and not theirs.
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27 May 2021 | 9 replies
If you have any doubts....here's the exact verbiage from Fannie Mae:B3-4.3-15, Borrowed Funds Secured by an Asset IntroductionThis topic contains information on borrowed funds secured by an asset, including:• Borrowed Funds Secured by an Asset• Secured Loans as Debt• Reducing the Asset by the Amount Borrowed• Documentation RequirementsBorrowed Funds Secured by an AssetBorrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves, since borrowed funds secured by an asset represent a return of equity.Assets that may be used to secure funds include automobiles, artwork, collectibles, real estate, or financial assets, such as savings accounts, certificates of deposit, stocks, bonds, and 401(k) accounts.Secured Loans as DebtWhen qualifying the borrower, the lender must consider monthly payments for secured loans as a debt.If a secured loan does not require monthly payments, the lender must calculate an equivalent amount and consider that amount as a recurring debt.When loans are secured by the borrower’s financial assets, monthly payments for the loan do not have to be considered as long-term debt.Reducing the Asset by the Amount BorrowedIf the borrower uses the same financial asset as part of his or her financial reserves, the lender must reduce the value of the asset by the amount of proceeds and related fees for the secured loan.Documentation RequirementsThe lender must document the following:• the terms of the secured loan,• evidence that the party providing the secured loan is not a party to the sale, and• evidence that the funds have been transferred to the borrower
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24 August 2021 | 8 replies
For whatever reason, your Title charges, transfer taxes, etc., are significant and the lender doesn't have control of those.
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31 May 2021 | 15 replies
When the bushes get big enough, transfer to the ground.
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29 May 2021 | 6 replies
I would serve the seller (and send notice to the would-be buyer and title company handling the transfer, if known) a copy of what you're intending to file in accordance with the Notices section of your contract.
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29 May 2021 | 1 reply
The management company charges fees which is deducted on my schedule E, under management fees, and I wrote up a benefit plan for the C Corp to cover my health insurance as well as co-pays and other expenses not covered by insurance.
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30 July 2022 | 9 replies
LLCs can be pierced and if there is transfer of money between the LLC and the individual that may further weaken the LLC protection.