Seeking Feedback ---- On Manny Protopapas
Can anyone give me a character and business reference on Manny Protopapas and his real estate aquisition program?
The program looks and sounds to be a rare find, but a little too good to be true.
I would appreciate any factual responses available.
Thank you.
I would venture to say that you need to build your own credit or bank account to play that game.
If someone approached me to use my credit or bank balances to provide ability to purchase....The bid would be in my name, and if successful, the property would be deeded to my entity. You would be compensated as a birddog or a profit partner, but I would control the deal.
[addsig]
Check the building planning & permitting department in your area. They will tell you what you need
Yes I own it and have read it. Great book because it tells you some very simple formulas (very important).
Easy-Options to get buyers in your market would be prudent, I would imagine. Make sure you do your numbers accurately for the refinance or sale at completion.
Absolutely false. The IRS does not "brand" anyone a dealer. Instead, the IRS looks at each transaction to determine whether a "dealer disposition" has occurred. If so, then dealer tax treatment applies to that transaction.
Even if you are a dealer for some transactions, you can still be an investor for others.
The investor who told you this may have been thinking about how dealer dispositions can "taint" investment sales. You avoid this by conducting your dealer activity in a business entity that is separate and distinct from the business entity you use for your investment activities. Even so, there is no such thing as "dealer for life"