Comments on: Real Estate Investor Interview http://www.jonwaraas.com/real-estate-invester-interview/ Make Money At Home with Jon Waraas Fri, 10 Feb 2012 09:48:00 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Wes Mahler http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11633 Wes Mahler Tue, 02 Oct 2007 03:42:37 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11633 Sure, I'd agree that we do what we can to make it work and push the lines a little bit. Were trying to do big things with little resources, forgive our ways to make it work haha. But yes, I'd agree with you, but would do what I can to make it work. MM, our financing company is sorta a joke our goal was to borrow a lot of money from banks at lower interest and loan it out via prosper, we've decided to let the money we have lent out remain their and try to borrow no more money. Were turning it into an s-corp that record our affiliate marketing income. I'm not sure about the legalities, I mean were just lending on prosper currently, I mean I assume its legal, they have done over 28 million loans or something like that? Sure, I’d agree that we do what we can to make it work and push the lines a little bit. Were trying to do big things with little resources, forgive our ways to make it work haha. But yes, I’d agree with you, but would do what I can to make it work.

MM, our financing company is sorta a joke our goal was to borrow a lot of money from banks at lower interest and loan it out via prosper, we’ve decided to let the money we have lent out remain their and try to borrow no more money. Were turning it into an s-corp that record our affiliate marketing income.

I’m not sure about the legalities, I mean were just lending on prosper currently, I mean I assume its legal, they have done over 28 million loans or something like that?

]]> By: Marc http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11619 Marc Tue, 02 Oct 2007 00:16:36 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11619 I also see that you have a financing company with a friend. You mentioned lending on Prosper.com, I'm sure that's fine. But you can't get into the business of lending out money without being chartered by your state. Most states have strict usury laws on how much interest you can charge. Also other laws regarding reserves, etc. You can't just set up a financing company like that unless you do it the mafia way and you don't strike me as the mafia type. I also see that you have a financing company with a friend. You mentioned lending on Prosper.com, I’m sure that’s fine. But you can’t get into the business of lending out money without being chartered by your state. Most states have strict usury laws on how much interest you can charge. Also other laws regarding reserves, etc. You can’t just set up a financing company like that unless you do it the mafia way and you don’t strike me as the mafia type.

]]> By: Marc http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11618 Marc Tue, 02 Oct 2007 00:01:52 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11618 Ignorance of the law is no defense, as many a fraudster has learned the hard way. Ignorance of the law is no defense, as many a fraudster has learned the hard way.

]]> By: Marc http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11617 Marc Tue, 02 Oct 2007 00:00:18 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11617 Here is where the fraud is. You are gifting money to your partner's parents. Under the law they have to report that and pay tax on anything over about $12000. Even if it is not taxed, must still be reported. They can't just turn around and gift it to their child under the table for a down payment on real estate. It's tax fraud as well as mortgage fraud. You are evading taxes and fraudulently deceiving a lender to secure financing. Explain to me how this is legal, please. Wes Mahler Says: " I see whatcha mean, but who is to proove that the parent’s just diddn’t give over the money themselves as a gift." It is your responsibility and theirs to say this. That's the fraud!!! (you know lying). Here is where the fraud is. You are gifting money to your partner’s parents. Under the law they have to report that and pay tax on anything over about $12000. Even if it is not taxed, must still be reported. They can’t just turn around and gift it to their child under the table for a down payment on real estate. It’s tax fraud as well as mortgage fraud. You are evading taxes and fraudulently deceiving a lender to secure financing.

Explain to me how this is legal, please.

Wes Mahler Says:
” I see whatcha mean, but who is to proove that the parent’s just diddn’t give over the money themselves as a gift.”

It is your responsibility and theirs to say this. That’s the fraud!!! (you know lying).

]]> By: Play Arcade Games http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11607 Play Arcade Games Mon, 01 Oct 2007 20:51:22 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11607 Man I like Wes's blog! Man I like Wes’s blog!

]]> By: Wes Mahler http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11584 Wes Mahler Mon, 01 Oct 2007 12:19:21 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11584 I also have an excell sheet I can send you, it should aid you well. I also have an excell sheet I can send you, it should aid you well.

]]> By: Wes Mahler http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11583 Wes Mahler Mon, 01 Oct 2007 12:18:31 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11583 Hey Gdubs, Most on avg, most property managers charge 10% of the gross rent. Some do that plus charge more, on avg tho its 10% of the gross rent, make sure to call around and see how others work. If you ever want to talk online free to contact me, always love to chat via aim and network. kazisdaman2 [aaaaatttttt] hotmail.com Hey Gdubs,

Most on avg, most property managers charge 10% of the gross rent. Some do that plus charge more, on avg tho its 10% of the gross rent, make sure to call around and see how others work. If you ever want to talk online free to contact me, always love to chat via aim and network.

kazisdaman2 [aaaaatttttt] hotmail.com

]]> By: gdubs http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11560 gdubs Mon, 01 Oct 2007 00:23:50 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11560 hey wes, what kind of fees does a property manager take? I was thinking if i found a cash flow property and got a property manager, then that would erase the cash flow. hey wes, what kind of fees does a property manager take? I was thinking if i found a cash flow property and got a property manager, then that would erase the cash flow.

]]> By: anon http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11547 anon Sun, 30 Sep 2007 20:26:01 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11547 There is nothing wrong with gifting... not even sure how/why it was viewed as fraud. The only thing mentioned as fraud was if you state on the loan application that you will be the primary resident but instead it is rented out. There is nothing wrong with gifting… not even sure how/why it was viewed as fraud. The only thing mentioned as fraud was if you state on the loan application that you will be the primary resident but instead it is rented out.

]]> By: Wes Mahler http://www.jonwaraas.com/real-estate-invester-interview/comment-page-1/#comment-11538 Wes Mahler Sun, 30 Sep 2007 14:41:45 +0000 http://www.jonwaraas.com/real-estate-invester-interview/#comment-11538 Absolutely not, if the parents are gifting the money that is legal. I mean who is to say that someone else gave the parents the money to give to the family-in-law? I see whatcha mean, but who is to proove that the parent's just diddn't give over the money themselves as a gift. Absolutely not, if the parents are gifting the money that is legal.

I mean who is to say that someone else gave the parents the money to give to the family-in-law? I see whatcha mean, but who is to proove that the parent’s just diddn’t give over the money themselves as a gift.

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