All Forum Posts by: Account Closed

There are 3 choices of action:

1. Report to Authorities for them to take action

2. Hire an Attorney and sue - but caution there as the culprit may not have any assets to satisfy a judgement in your favor

3. Either yourself or an Ally can proceed to purchase the property from them  - then when the villain is well and truly snarred sue them for damages - and report them to the FBI for Fraud. Even if they have no assets they can spend some time in prison

The validity of whether anyone can make $100,000 a month wholesaling has been followed up in a specific post - with visual proof. The title of the article is ...

Scott - if it goes to Court it does matter - as it relates to representations made by the supposed purchaser. The onus of proof would rest with them to prove they were intent on purchasing the property and NOT flipping the contract.

The home seller is certainly entitled to protect themselves from the possibility of the purchaser defaulting and so mitigate possible loss. 

Any doubt in the matter can readily be settled by simply taking it to Court

There is nothing in this deal to make it an attractive proposition until you have Buyer ready to pay you MONEY for the assignment of contract or a tenant buyer with good credentials.

You pays your money and takes your chances - especially at Donald Trump's Casinos!

@Jordan P. You have it a bit *** about tit - the idea of the second member is to protect the assets in the LLC in the event that You are attacked personally. In which case the LLC is definitely a separate legal entity - but not so if it is single member.

Of course an LLC can be sued and assets take when it is the LLC that has transgressed - and that is why Donald Trump always uses C Corps. (along with most significant business people)

Tnc - not sure if you follow me on LinkedIn - Pls do

Have a good future

Nice result - well done. The house looks great too!

Whether you buy an off the shelf LLC or C Corp. the cost is roughly the same - around $500. But you need to be clear on State Tax and Licensing requirements for out of State Business structures.

The benefit of choosing a C Corp is you can structure the deals better - so tax is paid at gains tax rates whereas using an LLC profits will be taxed at income tax rates.

Warning - doing things on the cheap yourself following advice on forums is not smart - you can short circuit things once you understand all there is - Until then get proper advice or choose partners who have the skill, knowledge and experience

The other day a couple of Forum members were adamant that it was impossible for anyone to make $100,000 a month. For them it was an irrefutable fact. Of course it was - because of 3 factors which gave them a serious impediment.

The first limitation was a result of their ignorance - which could be easily overcome, with a little Education, Practice and the resultant experience which can help You develop the necessary skills and competence to become a $100,000 a month   wholesaler.

The second limitation resulted from a lack of self-confidence. An inability to believe in oneself makes success hard to come by. This can be overcome with a little self development, and so is not an insurmountable obstacle. One way to gain belief is to observe what others have been capable of achieving and then recognize that they are not too different from yourself.

Have a look at the earnings some RE wholesalers are achieving. Many post their checks on Facebook so others can see how possible it is to make good money from wholesaling properties. Although not all are successful. The average earn per deal for a wholesaler is only $10,000. If that is all you make then in order to bring in $100,000 a month you need to do 10 deals. However some deals - on higher priced properties produce in the order of $30,000 and $40,000, with the occasional massive profit on really big deals. Below is a receipt one wholesaler posted evidencing what he gave the IRS as a consequence of him making $100,000 a month.

It is only a matter of simple arithmetic to work out what is achievable and then going about doing it!

The third impediment people have to becoming a success is intelligence. As the median IQ in the population is 100 - half of those doing wholesaling have an IQ below average - while the remainder have IQs above average. If you look at the lower end of the bell curve there are morons, cretins, imbeciles and idiots.

While there are pills these days to boost Intelligence it is unlikely that the two lads could raise theirs to the mean. Lamentably there is no remedy for stupidity.

As a general rule I do not partner with persons with an IQ under 110. You also need the Protestant Work Ethic and an extreme drive to be successful. Wanting to be mediocre or having a negative attitude simply won't cut it.

Whether it is possible to make $100,000 a month, who are you going to believe? A couple of Idiots or the guys who are actually doing it?

Only if the LLC is owned by the non-profit. Otherwise Definitely Not!