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15 July 2024 | 3 replies
It was clear to both parties, with email exchanges confirming that the end date is July 15th and lease won't be renewed.However, I forgot to stop the automatic rent collection through Zillow, resulting in the tenant paying the full July rent on July 10th, which has already been transferred to my bank account.
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17 July 2024 | 32 replies
It currently has a VA on it, however, so we would need to refi especially since we plan to transfer it into an LLC... but that's another barrel of worms!
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15 July 2024 | 4 replies
I would reccommend protecting yourself in terms of the legality of the transfer, ensuring there aren't any violations, 3rd parties requesting some claim of ownership of the property, most importantly the structural integrity of the property overall is sound and there aren't any big ticket items the current owner should righfully be taking care of that will then be additional issues you inherit.
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15 July 2024 | 26 replies
Some may argue it’s not necessary at the start, but it becomes costlier to transfer a property held in your name to an LLC at a later time and this is good forward thinking business planning.Don’t worry about forming an LLC until you execute an agreement to purchase real estate.
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17 July 2024 | 5 replies
If a single deal works out at this scale, the family has problems like estate tax transfer limits ($13M per child) to think through.Further, as long as the funds/deals are separate from one another, the one that does go well instantly makes the syndicator an "expert" in that specific strategy or market, which then attracts the next 500K social media followers.
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14 July 2024 | 3 replies
This means that you have the right to assign the contract to another buyer without needing the seller's consent (unless specified otherwise).Assignment Agreement:Once you have a signed purchase agreement with the seller, you, as the wholesaler, can then prepare an assignment agreement.The assignment agreement essentially transfers your rights in the original purchase agreement to another buyer (an investor or end-user).In the assignment agreement, you will name the original seller (assignor), yourself as the wholesaler (assignee), and the new buyer (assignee).The assignment agreement should outline the assignment fee (your profit) that you will receive from the new buyer upon closing of the sale.Execution:Both the seller (assignor) and the new buyer (assignee) need to agree and sign the assignment agreement.
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14 July 2024 | 4 replies
You might then be able to transfer that RV in title into your LLC.
15 July 2024 | 17 replies
I will add one important fact here since you have a preference for Roth funds: In case you have a Roth IRA already, you are not able to transfer this to the Solo 401k.
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14 July 2024 | 17 replies
Your current setup doesn't really keep your business and personal assets/dealings separate.To do so, you'd need to transfer those properties to an LLC you own or create a new one for that purpose.If there is a lawsuit, I'd imagine that your name, as the owner, would appear in the documents filled.Just my 2 cents, I am not an attorney, nor a CPA