An AD I received from Carlton Student

[propertymanager]

This is quite entertaining.  Did you guys notice that hytechceo is using exactly the same response to answer the same thread in two forums (Beginners forum and this one).  I also find it interesting that the "AD" hytechceo received started out from someone that appeared to be nearly anonymous and through a series of posts it turns out that hytechceo is friends with the guy and the guy even dated his sister!  I'm wondering whether he is really looking for advice (which he seems determined to ignore) or is actually a shill.  I'm betting on the latter!

There's a sucker born every minute!

Mike

[Roger J]

Yep, PM, definitely something to be curious about, isn't it?

How did he even get 2 of the same posts since that is against forum rules?

Yep, there are some suckers here.  Unfortunately, it's us, because not only has hytechceo managed to get us to advertise his (excuse me, his friend's) scam (sorry.  I meant deal) to the reiclub community, he got us to do it twice.

Personally, I'm impressed.

Raj

[Jeff Pitcrew]

I noticed this too. I actually thought a moderator was deleting my posts!

[hytechceo]

OK..... I'm lost... I didn't know that I couldnt post the same thread....I'll delete the other thread.

And Prop. Man. I am taking advise for this guy, he is now my good friend, and I plan to become his REI partner.

I had dinner with my accountant and some guy last night. Now I am getting mixed opinions, some peopl esay that my friend and even I will have to get a license if we plan to do several deals a year. My accountant said legally if we receive more than 25$ for a deal we need a license. The guy that sent me the stuff said we can legally do 2 deals per year, with no Tax problems, and even in Carlton's course they teach you about finding partners and using their credit.

 So what is the correct way to be a REI?

[carlittle]

My accountant said legally if we receive more than 25$ for a deal we need a license. The guy that sent me the stuff said we can legally do 2 deals per year, with no Tax problems

Perhaps your account is referring to the 25k limit on losses offsetting your income?  If he is, then you need to listen and take notes next time.  If not, get a new Accountant!  If I buy more than one car a year do I have to get licensed as a car salesman?  Show me in the IRS tax code where I am limited on the number of homes I can buy and sell within in ANY period.  I have never heard of any laws that say you cannot sell a home you own without a license.

[hytechceo]

OK....... anyone else knows of any laws limiting you to how many buy and sells you can do every year?

My lawyer said you can do as many as you want, but after 2 deals per year you will have to pay income tax on profits......True?

[v_1dlivi]

Ok maybe this is a newbies misconception but I read in the "Ad" the part where he stated

I am 25 years old and my credit is not the best, and unfortunately I don’t qualify for 100% financing.

Next hytechceo stated that

he seems to be a very successful web designer, he did a website for a resort in Dom Rep and has been doing Real Estate eversince. I know he has money to back it up. Nice house, nice car, very expensive wardrobe....

I'm going to give it a shot...  I would appreciate any legal advise you guys can give me to protect me.

Now two things
1.) I know that there are people with loads of money that might have bad credit. But I would say that someone who is "into" Real Estate Investment would want to better his Credit at the same time as investing, so if he had family doing it 2 houses per year for how ever long.. how has he helped his credit so he wouldn't need these outside investors?

2.) If you ask everyone for their advice and they all say "Don't do it, sounds like he is scamming you" then the best protection would be not to get into this.

I have a friend who is a Financial Advisor and his claim is that when he brings new people into his office he will show them his portfolio so they can see he is a doer not just a talker. I would look into this persons past deals and see how he did in general. But if everyone else telling you it seems like a scam or shady activity and you keep coming back with "I'm going to do it, but...." then I think your mind is set on doing it and no one here will change that so I hope you don't get burned doing it.  Good Luck.