Month: July 2017

Estafa Vs B.P.22 – What Is the Difference?

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We’re pretty sure there’s a point in time that you became party to a transaction, either as payee or payer. Of course as payee, receiving cash is much preferred as you are sure that your payment was given to you in full sans any further action needed from your end. Now as payer, issuing a check is so much more convenient, especially for substantial transactions, as you would not have to worry about bringing cash and making sure that all your expenses are accounted and debited for, up to the last centavo.

It’s great if all transactions went smoothly without any hitch. However, with both parties making and receiving payment all in good faith. But what if you were conned by someone you had the mistake of trusting? Or what if you issued a check as a show of good faith to close out on a deal but at the time of issuance, the account has insufficient funds and you made a mental note to replenish the account as soon as you got paid. Alas, you then notice that your check bounced.

The above instances had surged over the years and has caused an unfortunate chain reaction which prompted the filing of either or both the following cases: Estafa and Violation of Batas Pambasa (BP) 22 or the Bouncing Checks Law.

Estafa Through Issuance of Unfunded Checks
The crime of Estafa is punished under the Revised Penal Code. One can be held guilty for Estafa by means of issuing a bouncing check with the use of false pretenses or fraudulent acts executed prior to or simultaneously with the commission of the fraud:
“By postdating a check, or issuing a check in payment of an obligation when the offender had no funds in the bank, or his funds deposited therein were not sufficient to cover the amount of the check. (Article 315(2)(d) of the Revised Penal Code as amended by R.A. 4885)”

How can a person be held guilty for Estafa?

Under the RPC, the following elements are necessary to hold a person guilty of Estafa:

  1. Postdating or issuance of a check in payment of an obligation contracted at the time the check was issued
  2. Insufficiency of funds to cover the check, and
  3. Damage to the payee thereof.

The most important element here is the damage caused. Absent any of the following elements, a person cannot be held liable for Estafa.

Case in point:

Andres owns and operates a trading good business and bought merchandise from Bonifacio and issued an unfunded check in consideration of the goods received.

In this scenario, Andres can be held liable for Estafa because he issued a check knowing it to be without sufficient funds to pay the items he bought from Bonifacio. The issuance of the bounced check here was with fraudulent intent.

Bouncing Checks Law (BP 22)
Unlike Estafa which has its basis under the RPC, BP 22 is enacted through a special law. A person can be charged for violation of BP 22 when he commits the following acts:

  1. Making or drawing and issuing any check to apply on account or for value, knowing at the time of issue that he does not have sufficient funds in or credit with the drawee bank for the payment of such check in full upon its presentment, which check is subsequently dishonored by the drawee bank for insufficiency of funds or credit or would have been dishonored for the same reason had not the drawer, without any valid reason, ordered the bank to stop payment;
  2. Having sufficient funds in or credit with the drawee bank when he makes or draws and issues a check, shall fail to keep sufficient funds or to maintain a credit to cover the full amount of the check if presented within a period of ninety (90) days from the date appearing thereon, for which reason it is dishonored by the drawee bank.

How can a person be held guilty for Violation of BP 22?

Violation of BP 22 can be filed against any person when the following are present:

  1. Making, drawing and issuance of any check to apply for account or for value;
  2. Knowledge of the maker, drawer, or issuer that at the time of issue he does not have sufficient funds in or credit with the drawee bank for the payment of such check in full upon its presentment; and
  3. Subsequent dishonor of the check by the drawee bank for insufficiency of funds or credit or dishonor for the same reason had not the drawer, without any valid cause, ordered the bank to stop payment.

Same with Estafa, the presence of all these requirements is important. Otherwise, the charge of BP 22 will not attach. Note that knowledge of insufficiency of funds is presumed when it is proved that the issuer received a notice of dishonor and that within 5 days from receipt thereof, he failed to pay the amount of the check or make arrangement for its payment. Additionally, in BP 22, good faith is immaterial. Meaning, the mere issuance of an unfunded check already consummates the crime.

Using the same example above, Andres can also be charged for Violation of BP 22, other than Estafa, because BP 22 cases also cover issuances of bouncing checks for value received.

Where does the disparity lie?

It is Estafa when, among others, you issue an unfunded check with fraudulent intent in consideration of something of value you received. Here intent is material and good faith may be used as a defense.

It is a case for Violation of BP 22 when you issue an unfunded check whether or not it is for an obligation you contracted prior to the issuance of the check or not. Simply put, you are liable for BP 22 whether you issue a check for a present or a past obligation.

Ayers Rock in The Kata Tjuta National Park – The Long Climb and an Even Longer Descent

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I admit that sometimes I act without thinking too much about the consequences. This caused me already several problems in my life.

As you know I spent already a few days in Uluru. One morning, after considering the pros and cons I decided to climb the Rock.

I suggest that you seriously think about it before doing it.

Ayers Rock is massive, majestic. It commands respect. It’s 348 metres high; like a 95 story building. The track to the top is more or less 1.6 km long. It’s perilous and treacherous. If you are in top physical conditions it will take more or less 3 hours to complete the “expedition”. The first part has got a chain. You can hang on to it and this will help you immensely. It is a tiresome climb and you need to be prepared. If you do not feel 100% you should give up and be happy with your decision: people died here.

About 34 people lost their lives, mainly because of heart attacks. A few people got hurt.

Do not forget the heat.

Another hazardous factor is caused by the wind.

I got there early in the morning. I did not want to accomplish my mission in the middle of the day because of the rising temperatures. I had a pair of good trainers, and a bottle of water and a wind-breaker in my little backpack, just in case.There were not too many people around.

I looked at the sky. It was blue, not too windy either. I started climbing. It was not as easy as I thought. I used the chain all the time trying not to look down.

Sometimes I had to stop to catch my breath.

I remembered clearly that I had to avoid grabbing something in case it fell. It could be fatal.

The ascent is hard, steep and, at times, scary. I used also my hands to climb when the help of the chain was not available anymore. Sometimes I stopped to look around. In the distance I could see the Olgas or Kata Tjua, which means literally ‘many heads’ in Aboriginal.

It is a group of large, domed rock formations not too far from The Rock.

I was nearly there. I could see some little pools of waters all around. Obviously it had rained recently. I noticed a few clouds in the sky. The temperature dropped a little bit.

I finally reached the top. The scenery was amazing. Awesome! I walked around, there was a huge distance of red soil all around me. I could see the round shape of planet earth. I had the feeling that I was alone in the world. It was a very intense. The immensity and the loneliness of the environment made my heart sink.

I spent half an hour on the top. It was time to descend. There were very few people around me. The weather suddenly changed. The sky was grey and it became colder.

I thought: “I hope that it is not going to rain because in this case I could be in trouble.”

I started to move downwards. It was not too difficult but sometimes I had to sit and go down like that… on my bum…

I managed to reach the chain, finally. At that stage it started to rain. The rock underneath my feet became slippery. I got scared. I had good trainers but not good enough with such a weather. I looked down. Fear: that was what I experienced. It kept on raining. Now my feet could no longer hold on to the ground. I stopped. I looked down again. There very few people.

I saw a man waiving at me. He started to climb. He must have noticed that I was facing some difficulties. After a while he reached me. Yes, he saw that I was having serious problems. He told me that he belongs to a rescue group in his hometown, he was just on holiday at the moment and he came up to help me. Lucky!

He had very good climbing and tracking boots. He was very strong and very tall. He was behind me. He told me to put my feet in front of his, because he could hold on to the ground without slipping.

We both hold on to the chain. Being robust my weight did not create him problems.

At that time it was seriously raining. What a tragedy to be there by myself I thought…

I do not remember how long it took us to reach the ground underneath us, but finally we got there. I was very happy that it was all over… He told me that I should have considered the ascent seriously before starting the climb, that I should have been more careful.

I learned a lesson I am afraid… and I was very lucky… I was very grateful to him.

There is another reason why people should not go up Ayers Rock and not only because it is dangerous. Uluro is a sacred site and the Aboriginal owners ask to respect their law and not to climb it.

The climbing route is a sacred path of spiritual significance that is only taken by few Aboriginal men on special occasions. At that time I was not aware of it. I should have been more informed and more respectful.

Does the Age You Get Married Impact Divorce Rates?

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There are many factors in a marriage that can cause or contribute to a divorce. The truth is, the causes for divorces in the United States, like relationships, are very complicated. Even though the divorce rate in America has dropped, in large part due to the Millennial Generation, there are numerous reasons why married couples do not make it until death do they part – one of which is the age they got married.

All Marriages Require Hard Work

Unfortunately marriages do not last based solely on personal chemistry or physical attraction. When you choose to get married, you are vowing to love your partner for better or worse. No one gets married expecting to divorce. However, studies have shown that variables such as age, income, employment status, and education have significant impacts on U.S. marriages.

How Age, Income, and Education Affect Divorce

According to The Institute for Family Studies the ideal age to get married is in your late twenties, but why? When you decide to get married at an older age, your odds of divorce decline because at this stage in your life you usually have a higher education, a more stable job and are more established financially. With a higher level of education, your potential to earn more money is greater. Couples who experience more tension in their marriage from things such as a lack of money and maturity, frequently find themselves turning what were just thoughts of divorce into a reality.

The Divorce Rate Is Dropping Thanks to Millennials

Younger Americans are waiting much longer to get married. The national median marriage age as of 2011 for a woman’s first marriage was 27 years old, and for men was 29 years old; the highest median marriage age in decades for men and the highest ever for women. In 2005 the national median marriage age for a woman’s first marriage was 25 and for men was 27.

Many young folks have decided not to get married at all and choose instead other arrangements. It is much more common now, and many consider it more convenient, to move in with his or her partner without having to worry about the social pressures from society to get married first. With the average divorce happening about 12 years in to the marriage, we will have to wait and see if this recent generation of newlyweds will continue to keep their vows.

Say Hello to the Superfood, Yuca

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Welcome to Yuca

Currently there is a global health movement growing. People are more conscious about their health and are seeking alternatives to traditional eating habits. The realization that there are many different superfoods virtually untouched by the average population has created a desire to experiment with and try new exotic foods. Many of these superfoods have been brought over from South America, Asia, and Africa. Indigenous peoples have thrived off the land and sustained massive civilizations with the use of superfoods. One in particular is gaining momentum in North America.

To the right, is the Yuca (Quechua name spoken in Peru) root. This root has many different names depending on where you are geographically: cassava, manioc, manioca, yucca root, casaba, and tapioca. It is currently an essential root vegetable in the Caribbean diet.

Yuca is a perennial plant that is found in tropical climates. In Africa, Asia, and South America, it has been used as a major food source. Indigenous people use it along with other high-starch foods like yams, taro, plantains, and potatoes. While it is still not well known outside of the tropics, it accounts for about 30% of the world production of roots. Recently popular in the Americas is tapioca. Grinding the yuca root into small powder balls forms tapioca balls- enjoyed in boba teas and various drinks.

To clarify some dispute, YUCA and YUCCA are two very different plants. Yuca, is the root while Yucca is a scrub.

Why the sudden interest?

As the world continues to connect more and more, people are able to enjoy the benefits of fruits and vegetables that were once out of reach. Not long ago, if you were not born in the tropics, yuca would have been virtually intangible. But now, people all over the world can reap the benefits.

The general population also has access to endless amounts of new information. So with that comes new opportunities to incorporate in daily life. Previously you would have walked into a grocery store, unable to decipher what this long brown root was. Now with a quick Google search the information is there for you disposal. Recipes for this root are endless. The endless recipes allow you to experiment and diversify your diet.

The Energy it Provides is Incredible!

In Peru, South America we visited a local family. They were simply the most welcoming, humble, and hardworking family I’d ever encountered. In many cultures around the world it is very common for large families to live together. In one home you may have your mother, father, grandparents, great-grandparents, children and grandchildren. It is very common to take in family members and live as one large family unit. What we saw in this family was that everyone was extraordinarily hard working. Even the great-grandparents would pitch in to help around the house. While the activity they partook in was more limited than those of the younger generations, it was incredible to see the how agile and energized these men and women were.

I remember asking one day how they found the energy to work so hard at their age.

With a smile the older lady said, “comer bien.”

That was it, a simple explanation. “Comer bien” translates to “eat well.” These families eat fresh and powerful superfoods everyday. The yuca root is only a supplement to the other superfoods Peruvians have been enjoying for centuries.

How is it that this simple answer: comer bien, could lead to a long-lasting and healthy life.

I thought back to the United States where much of our older generation are forced to reside in Nursing Homes, or never make it to be a great-grandparent. These older generations thrive in Peru and are well respected. Their persistent activity and nutritious diets help them excel in life.

Processed vs Natural

Now comes the inevitable truth that many populations that suffer with obesity hate to admit. You are what you eat. Now what we see with the people in Peru is that most families eat a diet consisting of fresh grains, fruits, and vegetables acquired at the local open-air markets. These families are fueling their bodies with unprocessed, natural ingredients. A meal is made from scratch and all meals are viewed as family events. Everyone eats meals together and eats equally. There is little overindulgence because the quality of food creates a sensation of satisfaction and wholeness. There is no need for a cookie after dinner because there is no dependency on sugar like we find in the U.S. Since the foods are unprocessed, meals lack added sugars and preservatives. Their bodies run like a well-oiled machine- not like one that is driven by cravings. Imagine how powerful your body would feel if you energized it with whole foods- superfoods! Could you imagine how strong you would feel. Not lacking energy, not craving chips or cream puffs. Incorporating superfoods such as yuca into your diet slowly can show you how strong you can feel. It takes one small step that will lead to endless amounts of healthy decisions.

Don’t be afraid to try yuca. Your body will thank you for it!

Home Repairs and Alternatives: 5 Pros And Cons

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Many homeowners, at a variety of points – of – time, decide to pursue certain repairs and/ alterations. Some are out of necessity, because of damage, and/ or wear – and – tear, while others, are for cosmetic, and/ or taste – related reasons! One should consider a variety of factors, before undergoing costly expenses/ expenditures. These include: how long you will be living in this house; your alternatives; the Return on Investment (R.O.I.), etc. This article will review 5 positives (pros) and/ or negatives (cons), related to home repairs and/ or alterations.

1. Cosmetic changes: This category includes items, which improve the appearance of the property, but usually are minor, in nature! For example, inside or outside painting might be cosmetic. If you are painting, simply to change the look, color, theme, etc, it falls into the category, but if it is necessitated, because of structural damage (for example, from water damage, etc), it’s a far different scenario! If you plan to keep the home, for a substantial period of time, you have far more flexibility, in terms of color, etc, than if you are planning to sell it in the foreseeable, near future!

2. Kitchen: Does your kitchen need remodeling and/ or renovation, for structural reasons, or to improve its look and appearance? How much you spend on remodeling your kitchen, must be put into perspective! A well – considered amount of spending, usually makes sense and has a reasonable Return on Investment (R.O.I.), but exorbitant spending is another thing. A homeowner can spend whatever he decides, but should have a somewhat, realistic perspective of its value, especially to prospective buyers.

3. Bathrooms: What is the reason, you wish to renovate/ upgrade your bathrooms? Compare the options and alternatives, including determining, if a system, such as Bath Fitters, makes sense, as opposed to a complete demolition and rebuilding! Again, upgrading bathrooms, might. either, make financial sense, or not!

4. HVAC: What is the condition of your heating, ventilating and air conditioning, system (HVAC)? What is the useful life of your heating system, and should you change it (for example, converting from oil to gas)? Consider any decisions related to conversions, carefully and thoroughly. If you wish to put a central air conditioning system, into the house, should you go, the convention route, or the ductless one? Consider costs, economies, space – sacrifices, and the positives, versus the negatives! Before acting, always get several bids, and compare apples – to – apples!

5. Grounds maintenance: How much money, should you commit to grounds maintenance, landscaping, trees, bushes, plants, flowers, etc? Those thinking of selling, in the near future, should focus on curb appeal, etc!

Homeowners have options, in terms of the best way to proceed, for home repairs and alternatives. Know what you need, and want, and thoroughly consider!

15 Things Not to Do in Japan

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If you have plans to visit Japan, there are some things you need to know. Familiarizing yourself with some basic Japanese cultural practices will go a long way in making your trip there enjoyable. Also, you are not likely to get into trouble. Here are things you should not do based on Japan culture.

1. Don’t enter a house wearing your shoes

Are you used to walking around in your house in your shoes? Well, you might get yourself in trouble if you do that in Japan. There is a special place where you should keep your shoes before entering the house. Also, there are slippers for guests when entering a room.

2. Don’t shout on the train

Trains are very common in Japan. However, people don’t make noise while in trains. They are always silent. If you have to speak to someone, do it in a low tone. Use your earphones if you have to listen to some music.

3. Don’t use your phone on trains

As indicated earlier, Japanese don’t like any noise in the trains. You will rarely find someone using his phone to make a call in the train. If you have to use your phone, send a message or talk in a low tone so as not to distract other people.

4. Don’t eat on trains

Japanese do not eat when traveling on commuter trains. Drinking is okay unless the train is too crowded. However, in long distance trains, eating and drinking are allowed. Food and beverages are also sold in such trains.

5. Don’t forget to remove toilet slippers

Once you get to Japan, you will notice that there are slippers only used when going to the toilet. These slippers are easily noticeable since they have particular words or pictures. Always remember to remove them when entering your house or walking on the streets.

6. Don’t tip anyone

While it is common to tip anyone after an excellent service in many cultures, Japan is an exception. No matter how satisfied you are with their service, they never accept tips. In fact, someone will come running after you, returning the tip!

7. Don’t ignore someone you are speaking with

If you are talking with a Japanese person, always stay calm and attentive. You may sound impolite and rude by just failing to show that you have understood a point. Whenever speaking, show your attentiveness by talking back.

8. Don’t photograph everything

Despite Japan being a beautiful country, you are not allowed to take photos everywhere. It is advisable to always ask someone before taking photos. You must be granted permission to take pictures in museums, temples, and shrines.

9. Don’t hug anyone you meet

Hugging is common in western countries. However, in Japan, it is not. You don’t hug someone you come across in Tokyo streets. Most of the older folks don’t like the habit. If you want to hug someone, then it’s best to know their age group and whether they are comfortable with it.

10. Don’t eat or drink when walking

It is uncommon to find Japanese eating or drinking while they are walking. Even on the streets with food stalls they always find a place to sit. Now you know how to behave when you are on Japanese streets so you don’t look foreign.

11. Don’t receive a present with one hand

Whenever receiving a gift or a visiting card from a Japanese, use your two hands and bow. Then tell him thank you. On receipt of a gift, don’t open it until the person who has given it to you has left.

12. Don’t throw away trash haphazardly

Another thing you might find hard to get used to is how to handle your trash. In most cities around the world, there are a lot of trash cans however, Japanese cities are different. People are encouraged to carry their trash until they find a place to dispose of it.

13. Don’t fail to say “thank you”

The verb “thank you” is highly valued in Japan. Learn to say it after being served in a hotel or store. Familiarize yourself with how bowing is done in Japan. You must always bow and say thank you when you meet with elders.

14. Don’t write down a person’s name in red ink

In Japan, it is OK to write “goodbye” in red ink but not a person’s name. The Japanese consider it to be disobedient. Therefore, if you have to write down your Japanese friend’s name, you know which color to avoid.

15. Don’t be shy

It is common for tourists to ask for help from locals. When you get to Japan, don’t be shy or afraid of asking for anything. They are very friendly and helpful. Even when you accidentally forget something somewhere, go back as no one is going to take it away.

Mustang Car Covers Picking the Exact Cover for Your Mustang This Winter – Learn How to Shop for One

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A Mustang is a real beauty of a car. If you are lucky enough to own one, you obviously have a Mustang car cover to go with it. I say obviously, because to me it would seem plain silly not to, and I’ll tell you why.

It is a well established fact that cars and outdoors just do not go. When a car is kept outdoors there are numerous dangers lurking around, waiting to happen. And they do. Nature is your car’s biggest enemy, as it has the most weapons. The sun has powerful UV rays that bleach the car’s exterior an fades the paintwork. Aside from that, an overheated car can ruin its internal workings. Rain is no better. The rain contains high acidic levels that corrode the finish of the car and leave it to begin to rust. Wind too is dangerous; blown around together with it, comes dirt and rubble that end up scratching and denting the car. Then there are local nuisances such as dust, tree sap, and birds muck. They seem to gravitate toward the car, no matter what, and leave the car stained and terribly ugly.

Once you have a car cover, your Mustang will not be left to this peril. The cover will protect the car from all sorts of damage from occurring to it. Even if you keep your Mustang indoors, in the garage, unfortunately, it still doesn’t mean that it’s safe. Whilst stored indoors, the car can still be covered with a thick layer of dust. All it takes is for someone to simply walk past your car in the garage, and accidentally scratch it with his keys hanging off his belt. As you take the garbage out, you may unknowingly bump it on the car leaving your lovely Mustang now dented. These are all day to day examples of how seemingly small things, cause lots of unwanted damage.

Now if you had a car cover, these thing will still happen, but they won’t be able to affect you in the same way. When it rains you don’t need to check your windows every two minutes, hoping to see the sky cleared. When the sun shines, you can lie outside on a deckchair without having to worry. And when the wind starts howling you can you indoors with a big mug of coffee, and forget about the car. There’s nothing to worry about; you’re completely covered.

This is a far more economical way of preserving your Mustang for eternity. Taking the car for constant car washes and re-waxing, all add up to a large bill at the end of the day. And with it all, your car won’t be in it’s wonderful condition as when you first bought it. Extensive body work takes its toll on the cars. Far better, and healthier to keep it in it’s pristine original state with Mustang car covers.

A Ravishing Wedding Celebration in the City of Royals

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Rajasthan, the largest state of India, is prominently popular for the conventional spell of royalty and beauty it casts over its counters. The state holds an ancestral dominion over its identity as the city of Royals. So, if you are planning to celebrate the most auspicious occasion of your life, and want to feel no less than an illustrious price or princess then, of Rajasthan is the land which deserves to host your wedding.

Royal destinations, enchanting themes, up scaled services, appetizing food, and everything you can ask for to make your wedding day memorable, you can find it here. Not sure? Have a look.

Destinations

Rajasthan is the land of forts. Perhaps, almost every city in this state endows a mystic royal fort. The land which carries the enormousness of Mehrangarh fort on its chest and the artistry of the lake palace in its heart can never disappoint you if you are looking for the perfect wedding destination.

In the modern cities of Rajasthan, you can find some magnificent hotels and exquisite resorts which can be appropriate sites for elaborate destination weddings. The idea of a destination wedding has become eminent in various parts of the state. In cities like Jaipur, Udaipur, Jodhpur, Alwar, Bikaner, etc. conducting a ravishing wedding isn’t a very tedious and costly task if you have a reliable and creative team of wedding planners on your side.

Wedding Themes and Decorations

A wedding theme adds an alluring oomph to the entire idea of decorations to set up D-Day and all the charming functions of the wedding. The spellbinding culture and traditions emerged from Rajasthan’s heritage hold some splendid cues for extravagant wedding themes.

Presently, in Rajasthan, the most trending themes for wedding and wedding functions include the Rajwada wedding and the Swayamwar theme. These themes are sure to port you to the world of fairy tales with the venue decorated as a king’s palace and the bride and groom dressed just like the royalties of a much-renowned dynasty. Also, the decorations inspired from Radha-Krishna’s divinity with a contemporary touch to the theme can also embellish your wedding day with glitters and stars. You can be as creative as you desire to be with the choice of the theme. After all, it is your big day!

Cuisine and Entertainment

Amongst everything royal and luxurious, how can we forget to mention the appetizing and elaborate cuisine of Rajasthan? You can rely upon the rajwada menu if you wish to gratify and treat your guests to an elegant dining. From popular dishes from the kitchen of Rajasthan’s royalties to every possible flavor from around the world can be served at your wedding. Apart from the deity of royal ‘rajwada’ cuisine, you can imbibe the essence of Rajasthan’s folk music and traditional Rajasthani performances to add a special entertainment quotient to your wedding celebration.

Services

As much as Rajasthan is known for its luxury, it is renowned for its servicing. Whether it be the case of catering, decorations, hospitality, or wedding planning; you can seek the best service providers in Rajasthan.

4 Ways To Wholesale Real Estate

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Want to invest in real estate with no financial risk and no money or credit? Wholesaling houses is a popular choice. I personally think wholesaling can be a challenging way to get started, but the fact that you can get started in real estate investing without any barrier of entry makes wholesaling an attractive option. If you can get good at this side of the business, you will be success with anything you want to do. The reason I say that is finding deals is what makes a wholesaler successful. If you can get good at finding deals, you have unlimited potential.

Once you find a deal, you need to understand how to sell it to make your profit. Here are four ways you can structure your wholesale properties.

Contract Assignment: This is the easiest, but comes with some risks if not done correctly. It is also somewhat restrictive as bank owned properties will prevent this. This works well when you negotiate your deals directly with the seller. The way this works is you will get a house under contract and then you will assign your rights in the contract to another buyer for a fee. That new buyer will take on the rights and responsibilities in the contract and will close in your place. It is best to get your fee paid up front, but it is very common to get your fee when your buyer buys the house. Here are a few things to keep in mind when assigning contracts.

Be sure that you always disclose to your seller that you are or may assign the agreement to another buyer for a fee. I suggest you actually put this in the contract. Sellers should be OK with this if you are transparent that you are an investor who buys houses for a profit before you start to negotiate.

I would get money from your money that is at least enough to cover any earnest money you put up with your seller. That way if your buyer defaults on the agreement you at least cover your costs. Always try to get the entire fee paid when you assign the contract.

I like this way the best because it is easy to do on your end, it is easy for the buyer and the buyer’s lender, and it is the cheapest way to go.

Double Close: This just means that you actually buy the house and then resell it. There are several ways to do this, but the most common is to buy and sell in the same day or within a day. Typically, you will need to bring in financing to get your closing done with the seller, which is why this is my least preferred method to wholesale. Also, because you have two closings you will have two sets of closing costs, so it is the most expensive way too. With that said, some wholesalers prefer this method because they do not have to disclose to the seller their intent to resell and they can both keep their deal with the seller and their deal with their buyer private. It is believed by some that this is a good way to protect your profits. The information will all become public record at some point, but that is well after the closing.

This is the method you will use by default if you do not do your contract on the front end correctly, so we do see double closing frequently.

Flip the Entity: This has become the most common way to wholesale in my market. Most, if not all, the successful wholesalers will use this strategy. Especially when wholesaling foreclosures where contract assignments are forbidden.

The way this works is the wholesaler will set up a separate entity, like an LLC or a Trust, and put that entity as the buyer of the house to be wholesaled. They will then sell the entity itself for a fee. The benefit with using this strategy is that actual contract on the house does not change. Since the buyer of the house is the entity, there are no issues with any regulation or assignment restrictions. The downside is it could be more work because of the extra step to set up the entity, and there could be additional fees to register the entity with the state. The risk for the buyer is whenever you buy a company you are buying all of it. So, if the entity was used in another transaction and owes money to anyone, the new buyer could be on the hook. Knowing this, the best way to do this transaction is with a brand-new entity used for this one purpose.

Relationship Close: I don’t know if there is an actual name for this method. In fact, it is rarely seen. What I mean by relationship close is that you have such a strong relationship with a buyer that you write offers in the buyer’s name. For this to work, you should be a licensed agent and preview houses for your buyer. You would need to understand their criteria and only offer on houses they will want to buy. I have a client that works this way. He has an agent write his offers and the agent/wholesaler gets paid a commission with each successful closing. They do 2 to 3 deals a month with this strategy. My client just signs contracts without looking at them at this point and trusts what the wholesaler is putting together solid offers. There is always an inspection clause protecting the buyer and the agent, but more than 9 out of 10 houses that go under contract close. That is because the agent/wholesaler knows the business and knows what this buyer will buy.

I would stay away from this method, especially if you are just starting out. A lot can go wrong. I wanted to mention it because it is one of the 4 ways that I see people wholesale. If you are just getting started I would focus on contract assignments and then flipping the entity.

Imperative Benefits Of A Professional Mandap Hire

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From perfect lights to venue draping, it is essential to make sure everything is up to the mark when planning for a wedding.

A wedding becomes successful when the arrangements are as per the desire. It becomes difficult to pay heed to each and every activity when the time is less and money is limited. Mandap is very auspicious as the bride along with groom takes a pledge there to take care of each other in every uncertainty and to hold each other till eternity. Thus, its decoration and value should not be compromised at any cost.

Do you have enough time to focus on specifications of mandap? Do you have any idea of putting up a great venue draping? If not, worry not. You can have the professionals of a mandap hire and can achieve the few benefits as mentioned below.

More ideas

By hiring professionals of mandap, an individual can assure new and innovative ideas that can give an awestruck moment to guests. They will ask the needs and expectations in advance; will execute the same with proper care and attention.

Budget

Don’t worry, these professionals will ask the bar or range of budget in advance. Their service is alterable as per the needs. They won’t create a contract without understanding the specifications and desires of customers.

Time efficient

The professionals not only provide quality but can also provide their services as per the said timings. Book for them and they will appear at your venue prior to the wedding. When wedding season approaches it is important to ensure everything is done on time.

Desired themes and decorations

Their team is very efficient in working on themes or designs requested by the bride and groom. From orchids to lilies they will arrange every decorative option. Having dealt with various clients they know the best and trending likable options.

Professional touch is guaranteed

Having expertise in the wedding industry, they know the value of putting up a great wedding and do not compromises quality at any cost. With them, one can assure an outlandish quality and service without any hassle.

A marriage is not only an event but is a point of time where lots of sentimental values are attached. It is important to make the day special and memorable for anyone. With the qualified experts of a mandap hire enjoy the above benefits and prepare for a wedding you ever wished for.