Category Archives for Legal/taxes
Personal Property Trusts
If you have been reading my articles, you are probably familiar with the concept of creating and using land trusts for privacy and protection of your real estate. However, what about your ownership of notes, mortgages, deeds of trust, leases and options that may appear on public record? What about cars, boats, mobile homes and […]
Continue readingWhat Is A Series Limited Liability Company
Most of you have heard of a Limited Liability Company or LLC. A cross between a sole proprietorship or partnership and a corporation, LLCs acts as a shield protecting your personal and business assets from liability in the event of a lawsuit. The Series Limited Liability Company, or SLLC, takes it a step further. What […]
Continue readingBasics of the Real Estate Contract
The real estate contract is the most often used, yet little-understood tool in the real estate business. Whether you are a rank beginner or seasoned expert, there is no excuse for not knowing and understanding the real estate contract. Real estate contracts are based on common law contract principles, so it is important that you […]
Continue readingTaxes on Subject to Deal
Taxes on subject to dealscan be a bit complicated. For example, you buy a property “subject to” an existing loan. You sell the property on an installment land contract or lease/option. What are the tax ramifications? Part One – Determining Your Basis Your tax basis is basically what you paid for a property. If you have a […]
Continue readingLand Trusts Video
Land trusts are an excellent tool for keeping your ownership of properties secret from the public. Attorneys, tenants, ex-spouses, the government and others can easily find the owner of a property online. Anyone with a judgment can slap a lien on your property, prevent you from selling or refinancing your property. If you want to […]
Continue readingCan a Buyer Be Held Liable Earnest Beyond Earnest Money?
The “standard” real estate contract usually has a provision spelling out the legal remedy of the buyer or seller upon default of the agreement. In most cases, the buyer wants to limit his risk of loss by offering a small earnest money deposit and inserting a “liquidated damages” provision. A liquidated damages provision states that if […]
Continue readingTop 10 Ways to Get Sued
Here it is, the official, “Top 10 Ways to Get Sued” – guaranteed! 1. Do Business in Your Own Name. The average person is sued three times in their life. The average business person is sued every 3 years. By doing business with the public you’ve got customers, and eventually you are going to tick […]
Continue readingThere’s No “Due on Sale” Jail
There’s No “Due on Sale Clause” JailHow to Take a Property Subject To An Existing MortgageThe “due-on-sale” clause is probably the most talked about, feared and misunderstood topic in real estate. This article will dispel any misunderstandings you may have about the due-on-sale and suggest a simple, yet effective strategy to get around it What is […]
Continue readingBeware of the “Wholesale” Scam
This article was first written in 2006, but now that the market is coming back, this scam is again rearing its ugly head! Every newbie investor hears that it is imperative to buy real estate “wholesale”, not retail. The problem is, most newbies don’t know what a wholesale deal is, and there are a number of […]
Continue readingThe Mortgage Elimination Scam
The mortgage elimination scam has been sweeping the country. You’ve seen the emails: “Legally eliminate your mortgage!!” Can this possibly be true? Well, I’ve read the claims and researched the law and here’s what I came up with. The Claim The claim is that you can legally eliminate your mortgage based on an accounting loophole that goes something like this… “If […]
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