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About rj8654

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  • Birthday 05/25/1968

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    Bethlehem, PA
  1. Thanks Michael. Ill probably have to do that. If you dont mind me asking...what do you put your properties in...your name, llc, land trust? Also when can your new book be ordered? I saw it mentioned but didnt see how to order it. Thanks again
  2. I read that if the property is taken in a Land Trust then you have Capital Gains tax and you are required to disclose the beneficiary and trust agreement. Technically it isn't Land Trust but instead a Business Trust since Pa does not allow Land Trusts. In addition if the trustee or beneficiary is changed there is an additional Transfer Fee. Seems it defeats the purpose of the Privacy of a Trust if the beneficiary is disclosed. Again, I am only going my my interpretation of what I've read. Here is one of the articles I've read: http://dornish.net/a-matter-of-trust Anyone have any experience with this in Pennsylvania?
  3. Hello, I want to get started in investing but I want to make sure I have my privacy and protection in place. I read in other areas that it's good to put everything in a Land Trust and use an LLC for beneficiary and or trustee. But then further reading I read it's more difficult and expensive to do in Pennsylvania. Do you have any "details" on how I can have privacy and protection for properties I may have in PA? If so, how precisely would I set it up? I appreciate your help. Thank you, Richard
  4. Thanks so much, Michael. I was at a loss for words when my wife asked. Those questions. Seriously. Thank you. She kind of thinks it's a hairbrained idea to get involved with real estate investing to begin with. But with our house ... lets just say it was pretty loud when she was speaking to me I will have to relay the information to her and see if it makes her feel more confident about it. I try to be understanding. I would definately do what was best for the person buying as long as it didn't put my families well being in the hole. I definately don't want to be a "bad" investor. Fair for everyone. From everything I've read that you wrote on your site, you seem like a great investor to aspire to be like :-) Wish me luck. Rich
  5. Hi Everyone, Me again. New to this and learning. My wife actually asked me this question when I mentioned we should L/O our house that we currently live in. The question is: If we get someone in to L/O our home for say a year or two and when they go to get a mortgage the lender does an appraisal. What happens if the appraisal comes in less than what we are selling it to the tenant buyer for? For example: When the TB is ready to purchase the home they owe us $200k but the mortgage company appraises it at a lower amt because prices may have dropped. What happens? I didn't know how to answer that. Could someone please explain how that could be handled? Oh and if my contract states to allow 60 days before I make my first payment to the seller,to allow me time to get my TB I've read if i get them in 30 days I will receive one month of the rent without having to pay the seller. How can that be if the seller is in the home? I can't imagine the seller moving out and still paying for 2 months before I make a payment. Especially if the tenant buyer moves in before the 60 days are up. Any feedback? I appreciate the feedback (as does my wife lol) Thanks, Rich
  6. Hi Everyone, I emailed a bunch of Craigslist ads and this is what one of them responded: "MY NOTE ON MY HOME IS $1624.67 MONTHLY AND THAT IS OUR TAXES AND OUR INSURANCE ON THE HOUSE. WHAT ABOUT DEPOSIT MONEY AND THAT KIND OF THING. WE WOULD LIKE TO TALK TO YOU IF YOU ARE STILL INTERESTED IN OUR HOME AFTER SEEING THE NOTE ON IT. HOW DO WE BUY A NEW PLACE IF WE STILL OWE ON THIS PLACE. WE ARE NOT YOUNG PEOPLE AND WOULD LIKE TO BUY OUR RETIREMENT HOME SOON." (they had the caps) They wish to move from Pennsylvania to Texas as soon as possible. How should I answer the questions about "How do they buy a new place if we still owe..."? Thanks so much for anyones assistance. Rich
  7. I thought of another question for a Lease Option Assignment. Who does the title search? And if a home inspection has to be done who pays for that? - Rich
  8. Hello Michael, Could I too get a copy of the FAQ Questions. Thanks for considering. Rich
  9. Thank you both so much. And Michael thank you for the answers. I do plan on purchasing your book, but I'm in a situation that I'm sure you've heard from many people. I"m unemployed with house and family ...... I literally don't have a dollar to my name right now. That's why I was going to begin with Assignments. Once I get some cash I plan on getting your manual. I've read some really great things about it. Plus, after reading some of your posts, Michael, you seem like a genuine person who wants to help. I've been to other Forums and they were made to assist but the people make you feel stupid or that you should already know things. Thank you very much, Michael and hopefully I will be able to get your manual soon RichinPA
  10. Hello All, If I sign a Lease w/Option with a seller and the contract lets me assign it how will that work? Do I just have my TB sign the Assignment Contract with me after he pays me my fee? Do I need it notarized? What do I do with it then? Do hand it to my TB or to the Seller? Am I free from the deel at that point? I'm trying to begin in Assignments to begin as an Investor so any help is appreciated. Thanks.
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