How To Assign A Contract

Kandas & Larry answer listener questions and discuss how to Assign Contracts.

00:39:48

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

It's time to brag. He rich and generous to brag radio was hosted by best selling real estate investing author Larry go once and co host Kansas. For the next hour they'll show you proven and effective way you can be successful in real estate. For the WBZ studios the flagship station of the brag radio network here are your host the rock stars of real estate. Larry and Kansas. And work. What's happening and how are you doing. Think I'd be able well. They can't appeal that it was indeed a I cannot hear that this kid out of music. At the. I have talked about what's going. You're vulnerable. That being I didn't radio waves yeah. It. That's the way anyway. You listen to brag radio. Network. From the flagship station I'll tell Charlotte right. Uptown this note to downtown. Apparently I'm not attractive and that there were a man I don't understand that whole analogy. You know. It is worth the current and at every to have an interactive. Yeah I'm really excited to be here it's it's a Saturday afternoon. And if you guys are out the driver and be careful running but we're gonna talk about rules state stuff. For the next young yeah for the next. Our niche. And we're here local were in Charlotte, North Carolina Lake Wylie South Carolina really like what the you know like how do you do me as his lastly. So if it's tiring anyway. So yeah we're in where in the Lake Wylie area and we've bald sold houses in twelve different states we have students around the country and around the world. In the US Canada Australia New Zealand Japan China Israel Philippines Ireland Chilean even Denmark. And we coach people we mentor people written a few books campus tell us about the books they can get just by calling. My eaten it. Thank you don't you're looking at them. Yeah they're not. There. And who blew the thing. Port thing Paula thinks people whose pinkie. He's the video like are these guns and B roll right spanky you look at. The beside had. Markets regret that teach you know I cook who will ultimately be terminology right. Ambien to bid this you gotta learn terms very. Or it's a world match. You're Todd and the investors get an inning investors kids the gut Larry's book and comes up coffee got Larry it's backgrounds they day trading. You've got some malaria screenings on our models we've got Apple's selling model it's Israel's they day trading. You know link to that training as well as cling to the and that there riches model which is lease option seller financing. On the cheap and make my money. And polls that day trading that stock from the selling G net that's that's catch. Quick casts yeah. And asked to thank you say this risk way to get started every every every single critic it's me so I'm not stand that every model we had is this entities quickest way to get definitely. I'll try to and I don't do rehab where they don't agree and I don't do short sales as the source though is a among that along about it that's right pulled to shore cells don't rehab stint and open tournaments and you know it is I don't like him. That'll do tax liens because you can't buy enough for them to get enough traction we don't do land. Now live and can be okay if you're so funny right but yeah. That's that's a whole story. Hold of the story home on both door and I and so we had to have been a couple three weeks ago. And we got another one coming up in Saint Louis ran it like 308 that's a really great training. But at three their training workout that you get to know us if you will seek. What we do how we do it if you wanna see some teaching by the person who wrote the book not just bring him in other people to do it. I TT entire three days we're gonna go over whole selling. We're gonna gore over seller financing. Lease options. We're gonna go over every way to find a property that way to fund a property have waited to flip a property. And how to create noble and even triple digit returns were getting to show you how to create implement yields right. We're gonna show you how to use a self directed determine care. Whether it's the EU SA education savings account HS a health savings account. For IRA or 401K. We're gonna show you all about that you can do deals in that we're gonna show you how to raise private money. From other people to help you do your deals we're gonna show you how to negotiate deals. How to market for properties every single way to market for properties. All the different ways to market for buyers how to sell your property east how to automate your business CR Adams. Web sites were gonna go over asset protection. Entity structuring tax planning. Asset protection all that stuff. Now that is I think there's a lot more I don't know. Well enough and Olivetti's not only all of that stuff that you didn't cover. There's times the only place them Larry in minutes any question. That so many needs answered they didn't throw out there to try to trip via. You know it's funny we had a while back of one of our last three days. That the three days people last in just wealth of information you overwhelmed us with information. How can work with you personally war world war and to just tell me what do I need to do what can I do because. Listen even though Russia he 67 different ways to file properties. And use all 67. You'd pay three to file maybe maybe seven. Different ways. So took part deals right in them what model you need to use to settle those properties imports a lot of people will work with me personally. And one of the guys. Wanted to ask him to recently. The thing that did did for me was out in Europe's single question. Whether it was about rules today or about the law or about landlord tenant relationships or. Or law or rules rags or seller financing or Dodd-Frank in what it was a thing anything that they may not new equipment right. He said that that's one what you were. In which you beam manner. We beamer manner. It sound like this in the poorer than they you know what is down on the bike battle way they did not mean tonight and it is listening. They'll call me and took I have no control. In them constantly and. He says and in our office entering mentoring we we do offer mentoring. Bank that is what coach at. You can get some learn from Larry yeah Larry's learn and right and you can start out by Colin Candace and future free investors can and or you can text whistles than the contents. An amendment make it and bury your parents say army architect Ted junior radio voice. Of 6063. I. Not mama married I don't it. The app detects the world where I guess that word and number X. That's ultimately. Why indeed BE RAG. In that 83876. Years victory number. That's also look to implement them get an investor's kit a copy of my latest book club holds half off getting started and rules they day trading. And some other stuff can junk right. Links yes links to the Gingrich is motto links to real fit it trading model. So massive protections that you got thrown in there as well. Oh some IRA stuff in. And getting started with our rays and found the invest in real thing parents. Good and we answer really good stuff you wanted to get some of the questions that again. Here's what we're gonna do let let's see if we can throw you one question out there cause I know there's a lot of questions that people email you about. As well as to questions from the event but people you know you questions listeners. This is the line this is a question about umpiring is very quick just before again. It says can you sell a property in a trust by changing the beneficiary. Elena came up not only can you what you should write so that's one way. That is one way to do a deal where you can sign. A non a sizable contract right. Right when people AM in Poland properties are bonding thing I can't science can't and right or if you're buying it through a realtor. Or if it's hot house review a house or Fannie Mae house. Or something like that and you cannot sign the contract like you can when you're dealing directly to the seller and this is a way. That you can actually saw Ireland on the sub contractor when we come back amongst walk you through step by step exactly how to do. I give 877 Larry go off. 877 Larry go get the digital investors get out your email in scheduling office sort it amount to get the physical version we talk about the three days are mirroring. Mentoring and whatever so however is that it as payment clearing. So that we don't add up to add to gimme it's and then suddenly again. Here's what are no other ready Aaron. He's like I'm ready ready you're ready enough through an outing here. That's the music you gotta get started. So. Welcome back to brag radio leading the world to be rich and generous teach you how to invest in rules they went actively or passively. And we teach people around the country but around the world how to do this we have loved and seminars hopes that a courses coaching mentoring and that's sort. So and if it doesn't the last question that I ask came from one of the three day event. About yet can you sell the property and that's a change in a beneficiary and you said yes you're gonna go through. About Africa. So if you have a a property that you warning to buy it lets you buy it for 50000 dollars and you were wholesaler for 60000 dollars but you don't have 50000. Right. And maybe it's a hothouse or maybe it's listed. On the MLS and at the bank owned property. And you know you you just have to make a cash offer right because that's what the banks will see right in and hunt as well as you can submit a cash offer. Based on planet right person to find it not that so subject to plans to yet so here's what you do. Create a trust now know some of this might be over somebody your heads appeared and started right then you're like and telling them details and aren't. So so what you do is you create a trust that trust this simple document you can create and own your own computer he needs to trust document right. And create and deliver all the blanks you create a trust trust let's say that property is one point Bob Oakes street. You create a trust 120. Oak street. Trust right. Did you get the property under contract to purchase for the 50000 dollars in the name of 125. Oaks street trust right. Now the trust has three different components you have the trust agreement. You have the trustee. And you have the beneficiary. Right. Right the the trust document is the document that spells out. Everything about the trust the name of the trust what it all for whatever and and also the trustee the trustee is at third party person that you know like and trust preferably with a different last name. Right and they're going to sign everything as a trustee in the and you have what's called the beneficiary. The beneficiary would be used the person that's in the house for fifteen seller for sixty and might be used a personal name it might be your LLC or whatever so. Here's what you do. You get the property. Under contract. In the name of trust one toward Bob Oakes street trust. Did and what you do it is. You get the property of the country for 55 and bar will in the party's sixty right when you go to the closing. Your buyer has already wired the 60000. Right. So. The closing attorneys gonna use the 60050. Of the deplete the seller right. And then now you own the property. And then you're going to cellular beneficial interest in the trust to the buyer for ten miles right. I left out closing cost it's gonna have a little bit more to worry about just trying to keep the support your own show. Right but so it would use your buyer the 60000 dollars to pay yourself or in the and you sell the beneficial interest in the trust. From you or your LLC to the buyer it's one real estate transaction. And one personal property transaction. And that. As a way to sign and he never had to come up with more money. And initial deposit or earnest on the property pretty cool. Mind. I'm out here at the league. About it. That's it for being like the Seinfeld and George is then. The matters. About. Flowered talking about you know and it changes into the beneficiaries. In new black. Can you do all of that that we talked about in your IRA. You know what. Absolutely yeah. The only difference is the beneficiary is going to be your irony in the news sell that beneficial interest to be in by. So. You get the property and contract in 125 oak street trust. And you were irony is the beneficiary the gyrations. That let's say it's a 500 dollar deposit. Right to give him a contract and you I array since the 500 dollar deposit to the closing attorney. As the initial deposit or down payment or some people earnest money deposit and some people call you on the four earnest money deposit. So the 500 goes from the irony. To the closing attorney were to do realtor. And then whenever you'd go to the closing. Right and you assign your beneficial interest the money from the closing is wired right back into your RC 2500 dollars now. In the and you deposited by 101000. Dollars minus closing cost of course I. So that's value assigned an unsolvable contracts and you can do it in your retirement. Does it matter that route. Well it does to me but you can do the transaction and it is named and action at the difference between a traditional and Rolf bustle Chad give me the guy so. Isn't that question be displayed and there yet Kazakh asked the cause I have a traditional and I have a rock and I don't know. I like to pay taxes on the seat of things when they go in instead of unknown element have to pay on the harvest whenever out of retirement age and syndrome now right. So that's why I was asking if that matters. Which if you do a deal like this where you are and where you are signed by trust or anything if it matters which when you do it. Yes so the difference by the way it went between the traditional IRA and a roll diary. The traditional IRA when you put the money and lets you put 5000 dollars and your traditional IRA this year. That money. You can did down. From your income so if you made a 100000 dollars this year and you put 5000 dollars in the traditional IRA. Now for tax purposes you were income is 95000. Which reduces the amount of tax you this year right. However. If you put it in a rural are re right. This year you were income is not gonna change are still gonna pay taxes based on a 100000 dollar income. And you're not going to get the deduction for putting in the role irony however. Perry however. If it's in the traditional IRA you get the tax deduction when you put an end but when you start pull in the money now after you grow it. You're gonna start in taxes on the money man who didn't pay when you put in. However I would rather do the overall I'd rather pay the taxes now and then whenever you grow. 22 and hundreds of thousands of dollars or over a million. That's all tax free money comes out extreme you'll never pay tax on them and Japan trachsel on initial. Right in another point to that as far as going ahead and pain in Texas common now. Is you know our tax is gonna go up the percentage you pay in tax is gonna go up about bracket and gunning down. I know about it or is something amend their gonna announce them. In that scenario we just talked about these 2500 dollars and turned in to ten miles. Why not just pay the tax on the 500 but the 500 and and turn that into 2000 paying taxes net act now no taxes and Rosa nada zilch. Nada not. No taxes. I yeah so on I love doing deals and self directed retirement accounts right. And and we have a lot of custodians we have several custom that we use a lot of them out there if you've never heard about doing real stated your. In your retirement accounts or education savings account or health savings account. Google you can do it. There's a lot of custodians opted to do the reason that the Schwab's and Fidelity's. Wells Fargo's and people who manage money management people who. House. Our race the reason that it'll tell you about that they don't do it is but calls. There's more administration. To. And slate and the stock or bond mutual. C need custodian that familiar with that. And understands that and those will come documentation needed to do because like you your buying property in distrust. The custodian at a copy of that for a ride. And fidelity and Schwab understands that only about right. It is it down understand and I think a matter that's just not there and it's different people on different niches different things to go and some of the Casone is that we work with that you know do these alternate types of investing this is there admits this is what they're good at. I'm we're fortunate enough to know some the presidents of some of these custodians that opera set directed IRAs. On whether traditional or Roth and you know big companies that do as well we can give you that information. You gonna give me a call 877 Larry go back and let you know some of the custodians that we work went. That allow for Austrian investing 877 Larry go back now so get easy digital investors get out tear email talk about the three day event coming up. Anything and everything NATO's. I'm sorry tape 77 Larry Garrett takes the word BR AG 803897606. Welcome back Greg Brady hey. RU EU have not found on both men are inheriting from here. Aided Phillies. Just wait a request and that's all you went on a question in front of them went on a course to fully Fallon is the making them in yes it's an email to info at Bragg radio dot com. And about an answer you right away thing that we might end on the show. Earlier announced. You trotted out some affects market look what she started another thanks mark mark fifth. And I. Why that's the sound that business banking assets on a dream buzzards they have on that story here and now and nobody got time for that. How great it. That's on the here's Alan let does not like an in depth one or whatever but I mean I can see where. Some I would wanna know instead of us like and it each of the students that instead of you only have and one custodians and in any money money you have the career for how are many have. Well on number one I have several custodians that I know like and trust and recommend. And so I have a couple of accounts of each one of them. And it also allows you to spread the money down and keep her celts separate. Another very very very important thing if you ever happened to do transaction. That you feel like well I don't should he do this you know if you're if you're scared about it a little nervous about it. Put that in a separate kennel all by itself. You might ask Anthony and cute he would well that'll give legal advice from some of them out there will tell you. I mean there will tell you if if a transaction is what's called a prohibited brands after the Dallas and either and it valued it's not allowed. Right if that's what's called a prohibited trends us locals like for example you can't sell your irony house you already old either personally or in your LLC. You can buy a house under fire you can't sell a house to your daughter or son or to your parent program. You can't win a house down you you know rent action that's exactly right there in the lineal. Lineal. Descent. Treat and and read everything I don't look for them not around and great grand Gigi you can't do that. Brother and sisters and aunts and their all right those are out of science. Is there and the other outfits on which makes sense to me because I think arms linked and actions I think would be with the idea anyway. So. Slow yes you can you can do that you can do that. But you can with your children or grandchildren. Like I couldn't rent a house to my daughter. Or couldn't buy a house for my daughter or whatever our rate couldn't that's one of drugs. Irate could not so he's got to be careful with that does what's called prohibited transactions. And in this what's called disqualified parties and that's what we were just talking about you and those people we just talked about. Parents grandparents great grandparents children grandchildren great grandchildren those role what's called disqualified parties. You can't do business your are ready cannot do business with any of those people by house from cell house to fund the deal for. Or whatever right. So in relation to the original questions. If you have something like that and I mean obviously not a prohibited transaction assigns an a chair a little concerned about or maybe. Palm is not like SI video if you put it in its own. Account IRA account that way if something does go sideways or backwards or upside down with that. It'll only effect that one count instead of your you know your remaining count or all of your count. Exactly it's just satellite go risky investments in if you have like a mobile home park. Or in my case a trailer park the remnants if you had a trailer park. Then you'd wanna put that trailer park in separate entity or separate IRA account by itself makes cents. Yes it the ocean like he will one of the same lines are cannot keep in being separated is. You don't want to buy and hold in the same. Account IRA account as you do your guy and coal cellar by a flip properties. Right yeah. You wanna keep those entities separate yet you work in Georgia will operate your business. In a separate entity from her investments. Right and not mean you can do that just it just had a separate delicacies but if you're investing with here IRAs those LLC skimming inside our raising still only keep them separate. That's true. That's a true true. What about Sony C and other non Lennon. It was a check writing our me. Answer my asking that the other week. Well. My checkbook RA can slip that they suspect Raymond. Well chuck look terrorist a and that's a term we gonna find out there on the Internet and basically all of this is when you set up an IRA custodian. Right. They. They will allow you to invest in what's called a single member LLC. It's an LLC I am I just had the hiccups. And I'm not an eight pence at night that that follow liner. So anyway. It's in the halls and check we aren't content with Paris I think continued all I usually made. So. You concern about what's culture Brooke erased an overture IRA. With a best. In single member policies that old 100% by your aren't. There and you basically have to control now if you do this don't try this at home here it's okay. Calls. It's very very dangerous if you do something Rome because if you do what's called a prohibited transactions. Your diary your IRA will blow off. And you pay taxes on all the money in there. And that in your diary will cease to exist and you play I believe it's a 100% penalty ought to tell a 100%. Penalty way. So make sure you don't do it prohibited transactions that's very very important but there are organizations out there that would help you set up. And IRA LLC but they charge a lot of money for right. But if that's something you want war need to do then we can help put you in the in touch with the right people but haven't said that. Some of these people. Well Pete set up your checkbook irate is that call it. Some of those people. Recommend. Or will allow you to have check writing capability. In mind I don't right now in money I'd I'd go and and and the reason is because Arnold the terrorist combines all of this is the release of irate as you just have control over your right not all the checks. I don't have control have somebody. That I know like and trust. Right. That is not related to me blood wise right. Bad. Has control over my checkbook irony. And they can write checks now does that mean I can correct that Barack and tell them what to do you know Iraq and tell them in am I on this property here images sent in this document these just need to. Since check over to this deposit whatever but I don't have. Check writing abilities in my old IRA and that's what you should do as well but the good news is. You can do get an IRA you can buy and sell rules stated you can invest in rules stay with that you can grow your account the good oral. Mine right. You can even borrow money. Even my money got to pay it back. If you're nauert and that's why it's called ball of America. There's a bit I needed to bar for that year but you better put it back the way here's appeared in I'm pretty hefty penalty in retirement age. And corner on apartment that you can bundles are in the market leverage oh yeah yes yes definitely. Real state and leverage. You have 5000 dollars in your IRA. You combine house for 50000. And borrow 49000. So. And and you you have a 50000 grasses which are controlled with a thousand. Writes that an agreement a lot of details at army. We did go into a lot of details at the three day events when it comes to all types of investing. And with investing in your hour is usually bring in somebody to talk more specifically about that stuff. Make sure on that she does know the ins and outs and everything Larry's there is an Iran. But for them outlook for the most part and then. Though the specialist that we bring you know is either you know higher ranking official with one of these companies are the president one of these companies so. They've been in and it's seen everything. And is telling that farmers being in no luck hasn't seen a line you know they've been through if there and they know. But none. Come give me a call. And until one of our three day events that Saint Louis coming up with the ones on the calendar for 2018 already so packing heat set up without you can go to Larry Dolan slap. And pull information for those and register your cells or you can give me 877 Larry go and I can get you registered for that. Alan is that coming three days at Cassidy the investors can out talk about. From the people that we used for different areas that are real estate investing it and the specialist. Anything and everything 877 Larry goat or info at Bragg radio dot com. Club and I could rag radio. Does that fourth segment. It's our time to kind of highlights of money that we know is doing deals and we'll stay in being. And generous with it is their time their moneys we have plane with us today. Wayne what's happened then. I am doing all some. Excellent now guys you view may have heard way and you may not know when he tees up in Indianapolis he's doing deals and about five different states. And he's just doing a ton of deals he's questioner. I've known him for a long. And this guy is. He's a student just like the heat he soaks it all Lian. He I mean I've been to his office he's been in my office. He just like me I'm a student I'm not fall forum a student learn from as many people's candidate in myself. And Wayne is the same way and he just. He blows me away at everything he's able to accomplish so way and say hi. Critical and energetic. That's awesome to tell our listeners a little bit about yourself. Well I am we. We're actually located in Indiana. Very in the the Chicago. And yeah I I don't know real estate it is all Al more. He. And it's like Kmart or Wal-Mart or Al mark. And now we're we do didn't didn't it is needed we bike and in the and it Illinois issue in an ideal. And LA here we did you deal to our. And out we we actually. Start out what is needed the other guy is on a little bit years ago in the bait and Omar Al. And now we're in a beautiful. 500 were put commercial buildings in. Eileen. And now we have 28. All I'm employees. And we get Larry we just all old 300 how. In 2016. Which is a record or. And that we even the stretch there we did a 100 house in 100 day. Which is really exciting thing that we we were able to accomplish the end Duval sixty. That is you have team. One yeah eight people and and and and or more fuel for apple it. I. That's awesome god is also so what type of business are you doing I mean I know I I know the type of business but tell. Our listeners a little bit about count of them the makeup of the different types of a models that your your doing right. Sure I'm well meaning that we sent and what we do. Is is poll bill we just we buy it now as we do nothing Tuesday and then we just call someone who's been picked some law and and either put him into the race. For oil war or a law that we just tell people they'll have 7% of home. I'll I we we yeah we are only rent hole for hole ill we. Are and don't portfolio this year this past year. And then we get about when he saw the majority of our issues. Is pole sale and then deliberately light up putting in the Al in our own program. And while we like least is. And let what we do. We need someone that. But it is little combination of everything but but the emphasis is on. Well on the pole. Wayne that is great that is great. And you know another thing that I love about the way you run your business and I know you we we talked earlier in the show about DOS entrepreneurial operating system and I know you're very familiar with that your run in that system to. Yes yes we did we get the data about sixteen months ago. In it was big put it aren't dirty. It's been extremely extremely. Oh all. For our company overall. That is great and I'm hoping that it always always impresses me about you weigh is you know your numbers we got twenty employees. For virtual system we wholesale 77% of our properties. You know just blows me away. The detail of information that you know about your business you know my mother in law told me years ago. That the best fertilizer in the garden or the footsteps of the owner and you know what's going home and garden don't. Why are they want and Andy's what you don't measure and that that kind of rented. A they gave epic Alter EE old gas or just like it at forty your car and so I I I I kind of went back to my office that I didn't I'm gonna build on these Il work. And and I and I hit it took it it you know it is taking years and that we hit it exactly the way I wanted to get bored out. Well or years ago building it yield debt or. And tracking all kinds of numbers and tracking trends and and navigate it early manage what you don't hear. That is great about seeing that CEO dashboard outbid your office bid in your meetings. You know where you're going over deals hammered out stuff and looking at it analyzing deals and analyzed and you're data and it just it's amazing you really really good operation but you know Wayne. The thing that really impresses me most about you is your purpose. Mission. And how you are literally bragging more than anybody I know in the rules states plays well would you promote tell us a little bit about how your bragging being rich. And generous with your bullets. I'm Larry act CI idea. I'd like the Bible college. It's in the eighties late eighties and graduated from Bible college in 1994. And I'm not go to break churches in Indiana. And now I'll end anyhow I I I started I attracting people. Who wanted to. You know I person wanted to yet happily. I am I took my culture in the world vision and the need to others and attracting people won't dispute that saying. And over the years they rebuilt that team I'll give her. And out I wanted to one of the things that we actually. What they want that common thread that we all. The tracks are getting. At that will. And and doubt nobody knows who gave walk at the end of the year from everybody now that everybody and nobody don't know who gave why. What we're just gonna gather the data from that from our poll. And our goal this year 450000. Dollar group. He's yet to do to a local churches and world issues in two the need to watched. That is also and the minute and a half for so we got left. Tell us you know that you been tracking this and you to immediately what your total is that your organization. Or as a group I've given and and tells about that. Well I'm we've given over one point one million dollars in in little X years. And now where were our goal our our goal to build our company or one year to Egypt two point six million in one year before. At our overall goals. Wayne that is human and I am at a issues make him love that. I love it love it it's great it is great what are some of the things. Real quick that you guys or that that you guys do participate in it and and donate to. I'll work and it is heavily here are only three days and surely get. Or religion or or but it is. We we get secretions schooling for Chicago but we need to create radio Internet we gave the immediate international. We get over 200 missionary import country we Bible college student. Wait for college. Soccer is here packages and got track all the eat what you have though is that you are now track children at Chicago land it'll. Our Christmas gifts and Neil multiple injuries these. Home cooked meal and all the people hold. And I got a reputation over 100 enable our personnel that are in boot you know. All bibles distributed all beauty. And now woman's shoulder fall homeless shelter a truck drivers. Addiction old people men and old women. We paper higher salaries and our employee. And and that goes on and off on. Thank you Larry and thank you Candace that's gonna wrap up today's sporadic radio leading the world to be rich and generous. For more information about Larry Candice talked about on today show or to get a free investors get. Call 877 Larry go that's 8775277946. You can also go to brag radio dot com. Make sure to tune in every Saturday for ranked radio leading the world to be rich and generous. Larry and Candice were for you how to invest in real estate in the many ways real estate treats the ideal investment. Here at WBZ.
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