All Forum Posts by: Raphael Vargas

@Randal McLeaird Randal.....That's Genius!

Very unique way I've never heard before.

I'll surely contact my title company and see if this is a possibility. 

This actually provides a solution to my main concern.

The buyer is well aware of my profit, but the seller Is not.

Much Thanks again Randal.

And yes, I was blessed with controlling a big development project.

Which is actually a Big Multi Fam, we're adding another level, then Condo converting into five 1500sq ft Townhouse style.

I just have the contract to the Multi Fam which Im Marketing with Huge potential for our End buyer. 

Hit those Big Multi fams! 

Shout out from DC

Raphael 

@Steve Babiak Yes. He will be fully aware.

What I am trying to avoid is the seller knowing the fee I will be receiving.

If there is another way I can approach this that will cause my fee to be private to the seller please let me know.

Im sure there are, I just haven't found them yet.

Much Appreciated. 

@Bill Gulley yes, We have. Its (Property Address)LLC.

Interesting. According to my title attorney,  a double closing using trans funding will cause me to pay  double Transfer taxes.

But, I havent asked about business transfers.

Will ask today and keep posted.

Thank you all for the Feedback! 

@Elize White Will do! Keep you posted today.

@Account Closed Tops 7k??? Can you refer me to your lender?

If it only cost 7k here I would.

1point for Trans lending on a 1.1M dollar deal is 11k.

1.2% for DC Transfer Taxes.is 13,200.

13,200 x 2= 26,400 bc Im doing a "Double Close" "Double Transfer Taxes"

Total Cost not including closing costs are $39,600...

Therefore cutting about 40k out of my profit..

Maybe its just me, But wouldnt you try and find another way to creatively do this while not losing 40k if you could?

And for doing so, not be called Greedy? 

Just my Thoughts...

Thanks to All who helped.

Raphael

Thanks Larry.

I'll certainly speak with our Closing attorney tmrw to see if this is a possibility.

Not sure if law regarding this differs between states.

Thanks again. Hope the NY market is Treating you well! 

Greed has never been a part of my Nature...

Thanks for the  Unhelpful Judgemental point of view.

Anybody else want to actually guide me through this proccess of transfering LLC instead of trying to Shine up their Ego?

The Obivious is I will use Trans Funding if  it Cannot be done....

Much Thanks to those who truly understand this subject and can guide me in any way possible.

Your Knowledge is appreciated.

Raphael

Hello ALL.

I am a wholesaler about to make a 6 figure profit in DC.

I do not want to Assign my rights bc then it would show up on the HUD for the Seller to see and might scare him to back out.

I also can not do a double close bc it is illegal in Washington DC and it would cause me to pay 2x DC transfer Taxes, which would add to -25k.

I could use transactional funding, but that would cut into my profit substantially more than double close and would rather not.

The Property is under contract under a random LLC name I created for this deal.

I heard about just selling your LLC rights of ownership, How do I do this and does this normally show up on the HUD statement at closing?

Any Techniques you guys know about would really help.

Much thanks.

Raphael Vargas

Regarding Last message.

Sorry for typos, Info off Phone.

To all Success.

Raphael 

Guys...

First off I am in No way affiliated with Kent or Find motivated sellers now.

Second..GET THIS SYSTEM!!!!

I have made over $70,000 wholesaling these properties alone in only 4 months.

This is a no brainer...BTW im 22. You can dp this where ypu live

You should properly use the system, which means Skip Trace All Good prospects.

Get it quick BTW bc Kent claims he will sell all info to a Hedgefund that wants to outright buy the system.

Dont worry we get grandfathered in if we purchase.

Anyways...

Step by Step on how I killed it in one of the most Competitive market in US. DC

1 .Harvest list(Take out all recent sold and renovated props with no Equity) do this using google maps and zillow.

2.Skip trace all those good leads.

3.Call them and Lock it down!!!!

That easy guys..

Again, Not affiliated ANY WAY with them.

But Im a STRONG advocate. Made my $$ back x 70!!! Hahaha

Much Thanks Kent!!!!!!!

Thanks all

Raphael