OfflineGood morning all, I have a question? I found a buyer that I'm bird dogging for, My question is once I've found a property that he wants will he and I settle my fee at the closing or would that be done informally say at one of our kitchen tables?
lbrown
__________________
Hi lbrown,
Kitchen table, unless he puts the fee on the HUD settlement statement.
If you pay taxes on income and he deducts this as an expense, then you could give him an invoice for services renderded. This is of course the preferred method to ensure that you are NOT going to do a Capone In Alcatraz. (Capone was jailed for tax evasion.) Do you have an agreement with the buyer to this extent i.e. that he would pay you a finders fee?
A quote from T. Harv Eker. "There are more ways to make money legally than illegally." Receiving money and not paying taxes is considered to be illegal.
Regards,
Fanbot
The greatest force on Earth, compounding interest. - Albert Einstein
Thanks fanbot,I wasn't sure so I asked. I spoke with the buyer after I had posted this. During our conversation he did mention the process taking place at the closing. This makes buyer # 3 on my list. Have a good day fanbot.
lbrown
Congratulations.
Regards,
Fanbot
The greatest force on Earth, compounding interest. - Albert Einstein
Hi Everyone- I am new and anxious to make lots of money - could someone tell me about how a QuitClaim Deed works - I have a seller wanting to donate a mobile home (originally it was to go through as being a donation to a non-profit organization) which I operate this type of business but, the management says they would want a buyer-occupant. Well, this will not work under a non profit. I suggest to the seller since there is no mortgage on the home consider another option which is to quitclaim the deed to me.
Any replys will be helpful.
Happy Holidays and Much Success!