All Forum Posts by: Troy Michaels

yes, i wanna file SEPERATE business and personal tax returns, which is the reason i was looking at c corporation.

just wanna keep business taxes seperate from personal taxes, thats all. using seperate accounts, records, etc. along with a c corp should do that. i know most investors like the pass thru of the s corp, etc. but i wanna keep it seperate.

Is a c corporation the best business structure to keep business income and taxes seperate from your personal filing???

^^^exactly, you word for word called out the whole situation. 40,000 IS the payoff on the existing loan. no way im giving anybody 40g on a owner finance, like you said. im gonna call the owner direct, and work out a lease purchase or a balloon owner finance deal. he gets his money when i get refinanced, if not, like you said, bounce to a REAL deal.

Ok, i know that was a weird post title, lol. Anyway, here is the situation. I am renting a home that i would eventually like to buy with my own financing. Im trying to improve my credit scores right now to do so, but it will take a while. The property is owned by a trust, i believe. The true owner is old and lives out of town. He has a friend hes known a long time manage the property. Here is the problem: I have approached the property manager on either a lease purchase or owner finance. The property manager said that the owner will sell, no problem, but the property manager keeps coming back with unrealistic (in todays market) terms. The property managers wife is in real estate, and i get the feeling they may be trying to block any deal i do, so that they can acquire the property for little or nothing down the road. The property manager said the owner wanted 40,000 down and a balance of 80,000 on a owner finance. He even mentioned the due on sale clause. Why would the due on sale clause NOT be a issue on the 40,000 deal, but he brings it up in later conversations. Seems like he wants to say anything to discourage me. Sooo, my question is this: my lease is up at the end of the month. I know the true owners contact information. Would it be a mistake to just call and deal directly with him, cut out the middle man????? Is that bad business, or do what i feel i gotta do?

Is either method preferred over the other?

what are some strategies being used to prevent your buyer from stealing your deal. (waiting out or failing to close and stealing your deal).

bumping this LAST question up.

when wholesaling by assignment or double closing, does the title company ask for a tax id number? the reason im asking is im not sure how i want to structure my investments yet. (llc, etc.)

this may sound crazy or funny to seasoned investors, but one option if you are really afraid to jump in and have no money is this: make YOURSELF the end buyer in your first subject to deal, ( live in the thing) but make it assignable like always, build up some reserves, THEN wholesale it.