Posted by Bruce Barilar on January 05, 2003 at 15:56:54:
William, you should be able to buy his stuff right here on CREOnline, or go to his website www.louisbrown.com. Then after you have read his stuff, listened to his tapes several times. You MUST put the plan in action and overcome your fears. Afterall, the only thing the seller can say is “no” to the answer to their problem, remember it is their problem, just make sure you are a good listener.
see ya, Bruce
1098 for subject2 - Posted by Bruce Barilar
Posted by Bruce Barilar on January 04, 2003 at 15:32:01:
I did my first three “subject2” deals this year, all in the last four mos. of the year. Each lender will of course mail out a 1098 for 2002 mortgage int, taxes, etc. How do you handle using the tax break when the 1098 will have the social security # of your seller on it? I am assuming you would prorate with your seller for their portion, before you transferred the property to Trust.
Re: 1098 for subject2 - Posted by William
Posted by William on January 04, 2003 at 18:09:01:
What problems if any did you face completing your subject2 deal? What course did you use in obtaining your training to complete these deals?
Thanks!
Re: 1098 for subject2 - Posted by TRandle
Posted by TRandle on January 04, 2003 at 16:13:40:
Bruce,
Hello again. I prorate with my Sellers and just send them a note showing what their portion is. Some ask ahead of time, others don’t, but I explain it as part of the DOS CYA disclosure.
One thing I’ve heard that’s good to do (which I don’t) is to include the SSN’s on your taxes. In other words, these amounts for interest and taxes were reported under this number, etc.
Hope it helps…
Re: 1098 for subject2 - Posted by Bruce Barilar
Posted by Bruce Barilar on January 04, 2003 at 18:44:59:
I bought the Whole Enchilada from Lou Brown in Atlanta. He is really excellant. I use Lou’s credibility kit, with my company name on it of course. I send it out to all the sellers who call on my ads, bandit signs and referrals. I prescreen them over the phone. You need to learn to deal with the defferent personalities, and learn to negogiate. I explain to them what I am doing, but it is defferant for me since I am used to paying cash, fixin and flippin. I’m still feeling my way through really understanding it all. Don’t get me wrong,I do use a real estate attorney to do lien searches, and closing and recording. I am absolutely dumbfounded when a Seller just hands me the keys, says take it, and just walks away. The two I just did are as follows:
3BR, Ranch with a privacy violation. Outdated colors. I did subject2 on a 30 year mortgage 7.125%, fixed with a balance of 87,900 and payments of 612.00/mo. I spent 2,000 to transfer into the Land Trust (transfer taxes in PA), and 2,700 in contractor fees to get rid of the privacy vilation and make it a real 3BR, had the whole thing repainted, carpets cleaned and new formica on the countertops. Lease Purchase at 132,900 with $5,000 down and 1142/mo.
This one I just signed agreements on and will close Jan 15th. Sub2 a 30 year first mortgage of 44,742 with PITI of 457.00/mo. The sellers had been paying on it for 9 years. I am thinking of handing it over to another investor for a couple of grand + % at resale.
I think I like this business! Been Berry, berry good to me!
See ya, Bruce
Re: 1098 for subject2 - Posted by William
Posted by William on January 05, 2003 at 14:16:30:
Where would I locate contact information on Lou Brown and the courses he offers? Continued good luck to you!! Hope to be able to duplicate what you have done.