All Forum Posts by: Joe Cipriani

p.s again. Can he transfer the approval with the bank to have his new LLC purchase the property.

p.s If I receive the entire amount and then send check along with1099 in the full amount would I still have issues?

John,

No my friend is not the home owner neither A nor C. My friend is another investor. Originally he sent in offers through his LLC they were denied and closed out-then he asked to use my LLC's to put in same offers . Now he has the approval from the bank with a buyer and deposit.I am new to this process so I didn't fully think it through..Also this is my LLC-it is single member LLC.

Hey John,

Thanks for you response. I forgot to mention that there will be profit after the B-C transaction, however only my friend would be receiving it. Would the best thing be to take the money in my name then cut a check and issue a 1099 for him? Or possibly have the title company cut a check to him-then I keep copies of the hud to verify where the money went?

Joe

If I do an a to b then a b to c short sale with my LLC being the B and I don't receive proceeds from this transaction how can I avoid being taxed? Once again I wouldn't receive any money from this deal just trying to help a friend as he needed to switch the buying company.

Brian Haskins,

Since I started this post I'd like to thank everyone for their responses. Special thanks to Brian for responding despite some harsh criticism. I think Tin Lam had a very good suggestion. Brian would you be willing to supply the Hud-1's sans seller's names.

Thanks,

Joe

Does anyone have any feedback on Brian Haskins wholesaling program or mentoring? I see he posts here quite often, however not recently.

Joe

Just got on here but seems to be great info for newbies. seems experienced investors are more willing to divulge info here as opposed to reia meetings

Mike,

Did you present these offers to the realtor or are you directly working as a authorized 3rd party. I ask because to use a negotiator to streamline the process they have to be authorized by the owner of the property-which maybe difficult as the realtor some one she works with maybe negotiating the short sale.

JO,

Just the same as you have received several opinions here. I would recommend that you meet several title guys or gals and go with the one you feel the most comfortable with.