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21 April 2014 | 7 replies
Paying it is a cost of acquisition paid out of closing, if it's not disclosed on the HUD or settlement statement then it is a violation, it also throws your tax filings off, it throws the depreciation off, it causes tax issues and violates settlement procedures.The birddog gets nailed for collecting it under the conditions mentioned.Why not put your birddog in your LLC, a limited member or employee and pay them for work accomplished, close in the LLC name and declare the cost on your books.There are usually viable alternatives to achieving a mission legally and ethically with just a bit more attention and effort. :)
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24 April 2014 | 6 replies
I've never seen it happen, but...There are lots of reasons a seller would be open to this including: quick close, work needed that they don't want to do, tax implications, a better alternative to tenants and landlording if they are unable to sell, etc.I have found that it is rare to find a seller willing to finance a full term mortgage but instead are open to 1-5 year carries with balloons.
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18 April 2014 | 6 replies
One great alternative is to buy with an LLC and get commercial financing through a local bank.
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23 April 2014 | 2 replies
So we are not on the same page when it comes to how much his house is worth.You bring up a good alternative but in this case because the owner thinks his house will sell for higher he is more inclined to an agreement where he gets the upside after I collect X amount in profit.I am not saying this makes total sense...but thats what the way he is looking at it....so was wondering if anyone ran into a similar situation and has ever structured a deal in this manner.
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5 May 2014 | 13 replies
So, most of my offers were within a day, but I guess as @Sebastian Gast also mentioned, I might have to start looking for some alternate lead generation in hot market like DFW.
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22 February 2016 | 20 replies
If not I suggest staying put until you can either get the HOA provisions changed or the market recovers enough that you are not under water and can sell.I know that sucks, but it is better than the alternative of destroying your wife's credit.
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1 May 2014 | 10 replies
You might suggest it as an alternative, but I think it will only be appealing to her at a "near retail price," which is bad for you.
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4 May 2014 | 21 replies
Alternatively, I know I could use the cash to flip units, but I don't have experience with that at this time.What made paying the mortgage off attractive was that if we did this, we would be able to free up enough cash flow to pay down the remaining properties within four years, and that point, it's a straight up cash game to purchase additional units.
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3 May 2014 | 11 replies
Most banks are wise that the sort of letters @Kevin Cook mentions are worthless.An alternative is to get truly pre-approved and write your offers as financed.A better alternative still is to skip the MLS and do your own marketing and find deals.
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3 May 2014 | 5 replies
If it is vacant, first try checking via property profiles to see if there is an alternative/mailing address.