All Forum Posts by: Al Wilson
Al Wilson has started 1 posts and replied 1062 times.
Post: Form LLC on my own or through an attorney?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
Legal documents have legal consequences, so consult with your attorney. Good luck.
Post: Transferring Ownership
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
We have done this on numerous occasions using a deed just like we would have if it had been a third-party sale. Good luck.
Post: Will banks give HELOC on ARV for Rehab Costs
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
Every HELOC we have ever had has been based on a current appraisal, but there may be some smaller lenders in your area who would work with you. Good luck.
Post: Now a RE Professional, what to do w/ passive losses carried fwd
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
This is why real estate professionals need a good CPA. Good luck.
Post: Investment property in LLC/ S-Corp or Under Personal
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
There are no tax implications. A single-member LLC is a disregarded entity. If you are not worried about asset protection, get the personal loan with the better terms. Good luck.
You have to do that before you win the bid. Otherwise, you are stuck with what you have bought - good or bad. Good luck.
Post: FSBO Offer
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
$500 is about right to hold an out-of-state investor's hand the first time through. It will be less in the future if you do multiple deals in Alabama.
Post: FSBO Offer
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
A purchase offer is a legal document with legal consequences. Listen to your partner and get a lawyer. Good luck.
Post: Seller change title company
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
You should know why you designated yours and why they changed that designation. May not make a difference, but you should investigate to be certain. Good luck.
Post: IS A CLOSING ATTORNEY NECESSARY?
Al WilsonPosted
- Investor
- Daphne, AL
- Posts 1,121
- Votes 242
You need either a closing attorney or a title agent, depending on which is customary in your jurisdiction. Good luck.