All Forum Posts by: Dave Grosse

@Steven Hamilton II

thanks, that's more in line with what I was looking for. was hoping someone would chime in with specific examples of how they setup their business and how much they saved on taxes. Do you only work with investors local to you? I'm down in southern Illinois

I'm just looking for the best (READ: pay least amount of taxes) way to pay myself on real estate income.

I am aware of the restrictions on SD IRAs in regards to making withdrawls, and I am sure there are many possible options for me, I'm just looking for some direction.

I am wholesaling for now and will be adding rehabs soon if that helps.

Hey everyone - I have very little knowledge of how to structure the financial part of my business.

I know a self directed ira can be a good place to put profits and also to buy new properties, but what's the best way to pay myself...in other words, how can I put cash in my pocket without getting slammed with taxes?

Thanks!

Thanks Jackie, I guess what I should've asked was how do you guys like the service and are they actually getting BOA deals done without any headaches.

Can you guys direct me to this Old School title deal? I've heard of them and know that they are investor friendly but I didn't know they would handle BOA deals.

I agree with Bill. I essentially passed on college and I'm paying dearly for it now. I have a few deals going now and should make some good coin from them. BUT, it would have been much less stressful if I had a job that provided enough to pay my bills while I was getting these deals done.

Finish school, get a job that you don't hate, and then find your first deal.

I spoke with an agent in Oregon about a month ago who was in attendance at some big realtor event in vegas. Big banks were also there and according to this realtor BOA in particular was adamant that they wanted to do more short sales as they were realizing that they made more money from short sales than they do from REOs.

So I'm wondering if anyone has had any success with them or if everyone is still staying away

Rich - it was a cluster to say the least, but basically it went a little somethin like this:

BOA went and did another appraisal, and the new price they wanted was only a few thousand more than before. The buyer was fine with bringing a little extra so we ended up closing the deal. They finally got their heads out of their a**es after i told them and faxed and emailed them the original signed ATP letter from 5 months earlier. BUt it had been 6 mos since the last appraisal had been done so they were still able to use the higher value.

All that running in circles and arguing so they could net $2500 more on a $160,000 property.

Count on it going A-C, and start looking for your end buyer asap.

Ryan we are working in southwestern Illinois just outside of STL. We use Freedom Title down here; I think they use First American for underwriting - and I think there is actually a company called Chicago Title that will do them.

you also need to be looking for a loan shop or local bank who can fund for your C buyers.

One more piece of advice - Ask your title company and your mortgage person if they know of any realtors who hustle it up and get deals done. I have done that while I've been here in Portland and my title agent here set up two meetings with agents for me! Everyone(realtors) out here is scared sh#tless to do ss flips so it hasn't really paid off yet. BUt it sure is nice to get an email from your title agent saying that they have several agents who would like to meet. If the realtors know that you have a title company on board then they are MUCH more willing to work with you.

ok two things actually - try to speak with the brokers of each office instead of individual agents, it will save you a lot of time. It took me three meetings to realize that i need to just be going after the decision makers in the first place. Once you have them, you will have all of their agents.

1. I doubt an appraiser will do this for you. A better idea is to meet them yourself or have your realtor be there to let them in - that's part of the extra work your realtor does to earn solid commissions from you.

2. Those are all solid guys. I pay James to handle my deals. He's awesome, ready to help whenever and wherever he can.

3. Look for Ted Akers here on BP. He's solid too.

4. I don't but i like your idea.

Normally your negotiator won't be the one meetng the BPO agent. The negotiator is typically just going to go back and forth with the bank, which frees you up to find more deals. Plus a good one will already know all the right people at the banks and get you better discounts than you could get on your own (at least as a newbie)