All Forum Posts by: Andrew Jacobson

I have always just included a copy of the EM check in the offer.  Once executed, I then wire the funds within the 48 hour period.  I have never been asked to actually wire the money into escrow when giving my signed portion.  Thanks for the responses 

I had an offer "accepted." It is an REO that went into multiple offers and they have accepted my offer. The listing agent asked me to sign their contract documents, which is fine. They have asked me to submit the contract with receipt of deposited earnest money at which point they will have the sellers sign and send me the executed contract?

Anyone heard of sending earnest money before receiving an executed contract?

Thank you for your reply.  This helps but am not sure it clarifies 100%.  I was looking for clarification on someone buying the note after it has been created at a discount.  Thanks for any help

Hi all,

If I were to purchase a note at a discount that included a balloon payment, how would that balloon payment be taxed?

example:

UPB of 100k bought for 80k. If the loan has a 5 year balloon but a long amortization, little principal would be paid off over the 5 years, say 4k. How would that balloon of 96k in five years be taxed compared to my 80k investment. I know the interest payments are normal income but would the 16k captured on the balloon payment be normal income or capital gains? many thanks in advance

thanks @Ryan Enos I'm glad to be here!

@Bryan K thanks man. No we would look to hire out most of the work we do. We are both from California but have some contacts here. Definitely looking to meet a lot more people in all the different areas of REI in Dallas

Hey all,

My name is Andrew and I'm currently a pro soccer player living in North Dallas. My wife and I are into buy and holds/rent. We look buy, move into the place while we have it fixed up. We rent it and move on to the next. It seems like there is a ton if info here so I'm excited to network with other people and hear everyone's ideas!