Looking at buying a foreclosure.

green_machine_two9er

green_machine_two9er

Well-Known Member
Any Advice is appreciated. This is all hypothetical. First of all.

If me and one partner were to buy a fixer upper But want to pay cash, neither of us "work" or have any real paper income. We both own our homes we reside in.
Is there a way to buy property under a llc. Or get a lawyer breakijg bad style or something. I'm not sure what to so here. Or does anyone even care where the funds comes from?? I would assume the man wouldn't like that.

I've also thought about asking family members to take ownership. Kinda like I used to when I flipped to many cars.
 
personal lux

personal lux

Well-Known Member
green_machine_two9er said:
Any Advice is appreciated. This is all hypothetical. First of all.

If me and one partner were to buy a fixer upper But want to pay cash, neither of us "work" or have any real paper income. We both own our homes we reside in.
Is there a way to buy property under a llc. Or get a lawyer breakijg bad style or something. I'm not sure what to so here. Or does anyone even care where the funds comes from?? I would assume the man wouldn't like that.

I've also thought about asking family members to take ownership. Kinda like I used to when I flipped to many cars.
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Get a land contract agreement with the seller. Open a dba for landscaping, mandyman services, whatever. Open a business account at a bank and begin deposoting small cash amounts daily $100-300 for awhile. Dont forget you gotta pay taxes but you keep yourself safe. Claiming around 60k a year will cost you about 7-9 grand. But in about 2 years banks will be hounding you to take a big loan. ive claimed 80-120k for the last few years and i must say its paid off even though ive paid in a good 40 grand. But dont forget your tac right offs.
 
overgrowem

overgrowem

Well-Known Member
green_machine_two9er said:
Any Advice is appreciated. This is all hypothetical. First of all.

If me and one partner were to buy a fixer upper But want to pay cash, neither of us "work" or have any real paper income. We both own our homes we reside in.
Is there a way to buy property under a llc. Or get a lawyer breakijg bad style or something. I'm not sure what to so here. Or does anyone even care where the funds comes from?? I would assume the man wouldn't like that.

I've also thought about asking family members to take ownership. Kinda like I used to when I flipped to many cars.
Click to expand...
If the money U plan to use is not already above ground then it looks like U will have to get a loan to mask the money relatives can be used, but UR paperwork must be good or UR uncle will be asking Q's.
 
bluntmassa1

bluntmassa1

Well-Known Member
Go to the casino and put all your money on black actually red just don't bitch to me if you lose. lol, then you win it will be taxed income then you can buy your house or lose and your fucked.:bigjoint: Either that or start laundering your money it will take some time and a lot of bullshit but it can be done just yeah your looking at a good 2 years it's gonna look fucked if you don't spend any of your legal cash but still have expenses on the books you pay last thing you want to do is have the IRS up your ass you make 50 K in one year and don't spend a dime you ain't claiming all your income that's just too obvious.

Or if you could have a family member put a down payment and get a loan you can pay off then your good as long as they don't try to fuck you cause their gonna be the legal owner.
 
green_machine_two9er

green_machine_two9er

Well-Known Member
bluntmassa1 said:
Go to the casino and put all your money on black actually red just don't bitch to me if you lose. lol, then you win it will be taxed income then you can buy your house or lose and your fucked.:bigjoint: Either that or start laundering your money it will take some time and a lot of bullshit but it can be done just yeah your looking at a good 2 years it's gonna look fucked if you don't spend any of your legal cash but still have expenses on the books you pay last thing you want to do is have the IRS up your ass you make 50 K in one year and don't spend a dime you ain't claiming all your income that's just too obvious.

Or if you could have a family member put a down payment and get a loan you can pay off then your good as long as they don't try to fuck you cause their gonna be the legal owner.
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Haha ok to the casino then. But I'm going with black.
 
HydroRed

HydroRed

Well-Known Member
If you are going to try it without any withholding/tax info/bank account you are going to have issues. Even if you get a "loan" or down payment from a family member, the loan company will want to see proof that it was a "gift" or loan and will need to track it from one account to yours. Just recently went through something similar pretty recently. If you have the availability of a family member with income withholding/bank acct and would be willing to have the property/land tax etc in their name, I would suggest that. Make damn sure that there is sufficient legal paperwork to safeguard both you and the person the house is being deeded to.
 
personal lux

personal lux

Well-Known Member
green_machine_two9er said:
Btw since posting this thread I went ahead and got a good old fashion job. Hoping to bank most my checks. Pay bills with cash. Should be good well see.
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Just remember you have to keep your debt to income ratio low. if the bank sees you have more bills than income it will cause you an issue on receiving a loan.
 
G

gcrumpets

Well-Known Member
I buy foreclosures and bank owned properties w/ cash, not like a briefcase of cash haha but hard money thats in the bank. most sellers prefer it that way and as long as its in the bank when you write up a contract and can show proof of funds (just that you have them not where they came from) no one will ask to many questions. they just wanna get paid. the IRS or the govt isnt really involved directly in the property sale. theres no sales tax, most of the time you'll pay the remainder of the years property taxes which usually just go to reimburse the seller if they have already been paid. if you pay everyone that is supposed to get paid and you do all the I's it should be good to go. just dont deposit all the cash for the purchase at once if it isnt already in the bank that might raise some flags with the bank people and/or IRS cuz that shit gets reported.
 
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