All Forum Posts by: Rufus Marley

I've been looking through the forum for a bit and I've seen bits and pieces about taxes, but I wanted to know if profits from wholesaling is considered earned income or not. I also wanted to know how entities get treated as opposed to individuals in that regard.

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Originally posted by "kennethortiz":

I am a hard money lender

What states do you lend in?

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Originally posted by "Ryan_Webber":

I've never heard of paying for closing costs out of pocket on a double closing. The thing is that the title company is about to write you a check for your profits, and it would seem very odd why they wouldn't just take it out of your profits. Doesn't seem to make any logical sense why any title company would do that. Its more paperwork and tracking for the title company.

I've done about 40 or 50 double closings, and I have never had to pay out a dime out of pocket.

Is there a way to do a deal with the end buyer paying the closing costs?

PS I found found a post about an hour or so after I asked that question, and ExpertHomeOffer addressed it.

http://forums.biggerpockets.com/viewtopic.php?t=14391

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Thanks for posting that contract! :lol:

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So far, I would say not doing all of my due diligence. I thought I was getting a good deal at the time, but I really bought it for retail. Life goes on, though.

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I just learned about an investment club in Montgomery not too long ago. Here's the link:

http://al-reia.net/

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I keep things like that to myself also, as I've found that naysayers can be a HUGE distraction.

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All Forum Posts by: Rufus Marley

Rufus Marley has started 2 posts and replied 8 times.

Post: No address

Post: Taxes

Post: HARD MONEY

Post: How to get into wholesaling

Post: Paperwork for Wholesaling???

Post: Biggest Investing Mistake

Post: Montgomery, Alabama

Post: Dealing with opinions of family and friends