All Forum Posts by: Account Closed

Will the lender allow you to assign the contract on the short sale? That would be the easiest route to take to avoid the double closing. Also, if the end buyer is using an FHA loan, you can forget about the double closing w/the FHA's Seasoning requirements. Basically any FHA backed mortgage requires that the property be owned by the person for atleast 90 days before being sold. This will throw a kink in the plan for the end buyer if they plan on financing that route.

However, if you assign the contract, I'm pretty sure since YOU never close on the property, the FHA seasoning shouldn't be an issue.

Due to the subprime lending mess, double closings are becoming harder and harder to do. Title companies seem to flip out and think they are some kind of fraud (which we know they aren't).

I would try the following things:
1. Find an investor friendly title company
2. Work toward lender allowing contract assignment
3. Dropping the deal altogether and moving toward the next one if no solution is possible.

Someone has got to know something!

Hello everyone,
I have a question about legally purchasing (or putting under contract) property.

In Mississippi, one must be 21 years of age to purchase property. However, I wonder if I (at 19 years old) can form an LLC and purchase the property in the company name? Basically, Can I own a company that owns the property even though I am not of legal age? I just wanted to see if any experts know of any loopholes out there where I can do this.

I'm not so much interested (right now) in actually going through w/the closing (since I have a lack of huge capital). I am more interested in flipping the contract to local investors to build some small capital and also get the insight to evaluate deals before I'm ready to purchase one on my own.

Just wondering if anyone has any clue?

I am 19 years old and I am currently drawing out my business plan to get started in the REI world. It is very hard to stay motivated when all of the other people my age are only concerned with going out to college parties, wasting money, and sleeping in all the time. However, I know that by staying focused on my end goal and constantly taking small steps to get there, I will be living a better lifestyle than my peers when I am about 30 years old.

I wish I had more people like you in my area so I could have someone in my age group that was as focused as I am. Most of the people in this arena are not in their late teens, but that is what makes guys like you and I unique.

Keep up the good work and you have my respect for taking your first steps to financial freedom.

I am also a college student. I am 19 years old and for some strange reason have a strong interest in real estate. I plan to build a company that does the retail side of real estate, the investing side, and possibly some property management. (this will be over a large span of time).

I am going to get my Realtor's License over Christmas break and begin working as a realtor in my college town shortly after that. This will allow me to learn the retail side of the business, have access to good deals, and build some good capital (better than if i took a typcial 8/hr college job). Then after a couple years of that I want to get my broker's license.

At that point, I will begin doing some small deals that I can find to begin building capital. (I can't put property under contract in Mississippi until I am 21) I wonder If i can own a corporation that can put it under contract? I wonder if there is a loophole there?

Also, next summer I am going to be working with a company out of Jackson that finds investor's deals, manages their property, and also keeps some for their own portfolio. This should be great experience for me.

I am pumped about what the future in REI has to offer for me. I am very passionate about it and Know for a fact I won't lose interest. Profits are better than wages.

Contact BrownDog Properties at browndogproperties.com they have a large amount of information on the Go Zone. They are based out of Jackson Mississippi and are doing plenty of deals via Go Zone Incentive.

Basically, the way I understand it, is that you can deduct 50% of the cost of a new structure built before December 31, 2008. That means if you build a 1 Million Dollar Investment Property, you can deduct $500k off the first years Taxable Income. If you made less than $500k, you can actually go back and reclaim your taxes for up to 5 years until you make up the $500k depreciation.

I do know that most of the counties here in Mississippi the structures must be built by the last day in 2008. However, 4 Coastal counties here on the MS Gulf Coast (where I live) the deadline has been extended to 2010.

Hope that helps. Contact Jim Adams or Edwin Brown of Browndog Properties, they have tons of information on this strategy. Nice guys too.

Hello everyone, my name is Daniel Payne (hints the username). I am an 18 year old college student at Mississppi State University. I am here to try to learn a few things about real estate investing. I am currently working for a Land Brokerage company out of Louisiana. I do GIS Mapping for their clients. Thank you for your time.