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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No, I don't think you're going to accomplish your goals... Posted by Ward-CA- on July 30, 2003 at 1:01 AM In Reply to: Ward...will this work for CA?? posted by zachary on July 29, 2003 at 5:29 PM : Ward, : what are your thoughts on: : -having seller deed to trust with me(or entity) as trustee : -pay defaulting loan current : -taking my profit + expenses in the form of a note and trust deed : -sell house as trustee and collect profit/expenses as a "lender" : Obviously the seller is still the beni., and can fire me as the trustee. this is the only down fall that I see. : With that aside (meaning I'm looking for other problems that might be there....more concering with CA law) : the reasons for doing this: : 1. don't have to pay CA withholding tax (not INC'd yet.) : 2. title does not pass thru my name : 3. I want to sell to another investor at a discount inorder to move the property quickly. this one is a higher end home in a slow market...). : I want to protect the other investor....they buy from me as trustee after foreclosure is stopped. : : the sellers are happy with what they will get, which is 50% of the net profit of the discounted price. they understand that it could take 2 years to sell at FMV and agree that we need to discount... : ok, questions: : 1. general thoughts on the idea?? : 2. I have EPA signed stating they get 50% of re-sale price with rough guess of an amount. : How do I go about doing what I stated above and still conform to the CA laws?? : : sorry for the rambling...hope this makes sence!! : Zachary Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : what are your thoughts on: : : -having seller deed to trust with me(or entity) as trustee : : -pay defaulting loan current : : -taking my profit + expenses in the form of a note and trust deed : : -sell house as trustee and collect profit/expenses as a "lender" : : Obviously the seller is still the beni., and can fire me as the trustee. this is the only down fall that I see. : : With that aside (meaning I'm looking for other problems that might be there....more concering with CA law) : : the reasons for doing this: : : 1. don't have to pay CA withholding tax (not INC'd yet.) : : 2. title does not pass thru my name : : 3. I want to sell to another investor at a discount inorder to move the property quickly. this one is a higher end home in a slow market...). : : I want to protect the other investor....they buy from me as trustee after foreclosure is stopped. : : : : the sellers are happy with what they will get, which is 50% of the net profit of the discounted price. they understand that it could take 2 years to sell at FMV and agree that we need to discount... : : ok, questions: : : 1. general thoughts on the idea?? : : 2. I have EPA signed stating they get 50% of re-sale price with rough guess of an amount. : : How do I go about doing what I stated above and still conform to the CA laws?? : : : : sorry for the rambling...hope this makes sence!! : : Zachary Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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