http://www.tmz.com/2014/06/08/shaquille-oneal-sells-orlando-home-for-ten-dollars/
5 bedroom, 4 bathroom...3,904 square feet
5 bedroom, 4 bathroom...3,904 square feet
Shaq sells Orlando house for 10 dollars
- Thread starter NkrumahWasRight Is Wrong
- Start date
nomoreneveragain
Superstar
IRS about to get on Shaq, Kobe probably gonna snitch too
Prices really like that for homes in Orlando for 235K?
Prices really like that for homes in Orlando for 235K?
what the hell
this cant be true, can it?
this cant be true, can it?
in the real estate world we call them dollar sells
in rich areas people record the sell of house as 1 dollar normally to avoid capital gains tax
in rich areas people record the sell of house as 1 dollar normally to avoid capital gains tax
how can i get into this piiff?
don't list your house and do private sells only
it will count against his gift tax exemption that's all, so as long as he hasn't gone past giving away 5,340,000 he won't be hit with a gift tax at all
how often do rich people do this?
im going to assume your into real estate, hows that right now?
they do it all the time
I tried to sell a house in Bloomfield, Hills MI this is one of the most sought after areas in the country lots of high profile people
this particular area was home to Bill Davidson the late owner of the pistons, Aretha Franklin, matter of fact she had just built her son a house right next to hers
the guy who owns bic pens, a lot of billionaires
This his house was brand new built I new the builder, all we did was non listed, private sells, I would just find a buyer who purchase at appraised value which is more than he really he needed to make and he would kick me back the difference
needlessly to say, I needed to get this house to appraise for 8 million, some guy from greenbay tried to buy it, he was from michigan I forgot his name
and Calvin Johnson, this was during his rookie year took a look at it, neither of them had the ability to pay cash, so the appraisal was important to justify a bank lending them money, and the way you find value in real estate is by comparable sells in the area. Unfortunately all the big dogs in that area had recorded that they're houses sold for a dollar, and that's when the builder put me up on game.
In order to do it, though you need a cash buyer
so like said, this is a rich persons game at that level
but you can do the same thing with 30,000 or any value house
Dirty_Jerz
Ethiop
Sub
606onit
Superstar
Coli Accounting. 
Ain't That Something
Superstar
Rich people scamming the system again and nikkas wanna attack motherfukkers on food stamp
Goat poster
KANG LIFE
How is this not illegal?
If you do business with complete trust you can get around a lot of things
how can they stop two people from agreeing that a purchased was made for a certain amount and recording it with the city
they can't
its just a creative way to get around something, why would you want it to be illegal
I'm pretty sure the government knows this is going on
i mean you see multi million dollars homes going for a dollar, it doesn't take a rocket scientist to see what's happening
but at the end of the day, there's nothing they can do about it