Articles Of Incorporation

Belle,
As you are probably already aware, the Articles of Incorporation refer to your business entity. A proof of funds will not suffice when being asked for this. The most efficient method to get them would be to contact the company or individual that is or has helped you set up your business entity.
In addition, you might want to find out why they are asking for them.
Good luck!

If you don't have a business entity, you can offer in your own name, but your personal assets are not protected. You can use legal zoom to set up, or just call or visit online the Secretary of State to set up your business entity. Many do so in an LLC, but that is something you must educate yourself on, and decide.

A great book to learn about business entities is: Start your own Corporation by Garrett Sutton! Best wishes!

Why in the world are they even asking for your Articles of Incorporation? Unless they are wanting to check to see if you are authorized to make an offer in the name of that company. I have never had this arise.

You don't need to have a company set up to make an offer. in fact, if you are wholesaling it is an expense that is unnecessary for you to get into right now. When wholesaling, nothing is going to be going into your name, so there is nothing to protect.

Karen

When I get a new realtor here in AR; they do ask for the articles of organization at first. I think they need it to show legitimacy for the entity making the offer. Just my guess.

I was not even aware this could happen.......

@ Karen maybe Beller is in a state where double closing is the only acceptable method to do what we consider assignment of contracts by another name.
Add to that no one wants to be hit with capital gains taxs

I love this book it is very informative @ femailceo

Femailceo wrote:

Yes, that sounds like the agent asking to me
If you don't have a business entity, you can offer in your own name, but your personal assets are not protected. You can use legal zoom to set up, or just call or visit online the Secretary of State to set up your business entity. Many do so in an LLC, but that is something you must educate yourself on, and decide.

A great book to learn about business entities is: Start your own Corporation by Garrett Sutton! Best wishes!

__________________
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http://www.rehabvaluator.com/f FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.

You can do an Assignment Agreement in every state.

Karen

Do not tell your realtor what you are doing!!! They do not "get" it and will try to tell you that it is illegal and confuse you!
All you tell the realtor is that you are a cash buyer! It is none of their business what your exit strategy is!

If you are going to be wholesaling and assigning the deal, just make your offer in your personal name. You DO NOT have to show them any Articles of Incorporation to do that!

Unless you personally have a LOT of assets in your name already (which most of us DON'T), you are wasting your money to set up an corporate entity! This is advice I have been given by several RE attys in several states and my CPA.

Karen

How do you get around capital gains taxes? For each individual if I am not mistaken $250,000 sold in real estate property you will get hit with a lot of taxes ?

Here is an article I came across........

From Tax foundation . Org

http://. taxfoundation.org. /blog/ how-high-are-capital-gains-tax-rates-your-state

How High are Capital Gains Tax Rates in Your State?

By Kyle Pomerleau, Richard Borean

Currently, the United States places a high tax burden on capital gains income. The current federal top marginal tax rate on long-term capital gains in the United States is 23.8 percent (20 percent top rate plus 3.8 percent tax on unearned income to fund the Affordable Care Act). In addition, taxpayers have to pay state and local income taxes on their capital gains income from zero percent in states that do no levy an individual income tax to as high as 13.3 percent in California.
Taking into account the state deductibility of federal taxes, local income taxes, the phase-out of itemized deduction, and any special treatment of capital gains income, this map shows the combined federal, state and local top marginal tax rate on capital gains by state.

The state with the highest top marginal capital gains tax rate is California (33 percent), followed by New York (31.5 percent), Oregon (31 percent) and Minnesota (30.9 percent).
The nine states with no personal income tax (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) have the lowest rate in the United States (25 percent).
The average across all states is 28.7 percent.
It is also worth noting that every U.S. state has a top marginal capital gains tax rate higher than the average of the 34 member countries of the Organization for Economic Cooperation and Development (OECD) of 18.2 percent.

If yu are wholesaling you will have no capital gains to be taxed on. You are NOT buying or selling ANY property. You are merely getting a property under contract and selling your POSITION in the contract.

The property never goes into your name.

Karen

Karen every state is different you may be fortunate to do assignments in your state, however I have contacted my lawyers and assignments are not permissible in NY state but a double close is allowed.... And in this situation it will be placed in my name if I double close now I can then proceed to use a 1031 but I do not want to entangle myself in that way