Category Archives for Legal/taxes
What 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 readingThere’s No “Due on Sale Clause” Jail
The “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 explain how to take a property subject to an existing mortgage. What is the Due-on-Sale Clause? Before we discuss how to get take a property subject to an existing […]
Continue readingHow to Save Up to 90% on Title Insurance
If you have ever bought or sold real estate, you have probably paid for title insurance. What exactly is title insurance? Why do we need it? How can I save money on title insurance? These are common questions asked by real estate investors, both rehabbers, and landlords. Whenever title passes, the seller usually gives a deed […]
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 […]
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 readingREAD BEFORE YOU SIGN!
Too many investors go to closing and sign documents without ever reading them, taking the word of the “professionals” involved in the closing. This is a huge mistake, unless that professional is your lawyer, and he or she has read and understood the loan documents. Don’t presume that the lawyer you are paying represents you. […]
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