All Forum Posts by: Zachary Gallik

Originally posted by @Victoria E.:

@Zachary Gallikundefined

for a seller financing deal, I always put this provision - You never know! 

"In the event, the note holder should ever decide to sell this Note before its maturity, Buyer reserves the First Right of Refusal in the purchase of the note and to match the purchase price of the note on an and all bona fide written offers."

ill keep that noted for the future, appreciated. 

sorry I didn't realize this was 6 years old. idk how to delete.

thanks guys very appreciated. I didn't end up going with that property, but will definitely use this info in the future. Just wasn't comfortable with the location on this one. thanks again guys.

ok, my best friends parents decided they want to move & have already purchased a new home, yet to move in (waiting on some work to finish)

either way we've come to an agreement of 20k total over 3 years with 5k down.

its basically a 4 bedroom 1 bath. it needs atleast 5k in work. mostly flooring, Drywall, & some kitchen work, 10k would really spruce it up with some new cabinetry & central AC. Id really like to put in a second bathroom in. Newer (10 years old) roof, windows, furnace, water heater 2016, & Murray electrical box 2004. it does get some moisture in the basement.

it may become section 8.

can anyone give me any advice either on the place or going about the purchase. & really on the contract between the sellers & I is where I need info.

Basically bellow is the contract I have made up so far, I put it in bold to make it different from the post.

Purchase agreement for address.

The property is sold in “as is” condition with work needed for the total sum of $20,000, To the party of (my name) or associated company. The payment will be split into 4 equal payments of $5,000. The first payment of $5,000 is due upon signing of this document. Each $5,000 after will be made on or before July 31 of the respective year, 2020, 2021, 2022. If possible the house may be paid off ahead of schedule.

Seller X_________

Purchaser X__________

Upon signing of this contract the selling party will pay off the property in total & sign the deed via quit claims deed to the party of (my name) or associated company.

Seller X__________

Purchaser X___________

The property is known by sellers to be free of any leans against it. X___________

Thanks I appreciate any info & advice.

@Anthony Angotti When & where is this meet up?

I'm in the process of purchasing my first property, it's a house hack that I'll occupy the majority of it's a 1br/2br w/ garage. I'm curious about tax deductions. what can I write off in my situation? with everything just in my name no LLC or anything. also would there be more benefits if I had my girlfriend as the tenant & kept my address as living at my dads, but actually stay at the property?

@Peter Sautter how do you go about sub-metering? do they sell a meter to do that or what? I have a similar issue.

ok, so from what I'm reading it seems there is no benefit to an LLC? I was under the impression that it was necessary for many tax benefits. . now correct me if I'm wrong, but from what I've read in order to get tax benefits you need to put the real estate into the LLC, & to do that you can put it into a land trust in your own name that wouldn't trigger a transfer so wouldn't cause the bank to call your loan due, then mage the LLC the holder of that trust, which wouldn't be a transfer. now as protection you can start a corporation in a state like Wyoming, make someone else the manager & have them resign. have the LLC in your state (that's holding your trust) a member of the Wyoming corp. so the Wyoming corp owns the LLC that owns the trust. you can have multiple LLCs in the corp. now if someone sure they can only take what's in the individual LLCs. & since the corp is anonymous through Wyoming laws they can't attack the corp & find out what else or who owns it. but your the manager so your getting a 1099 where you can use to write off business expenses. please spread light if I'm way off here.. now idk how any of this affects getting another loan.