calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I expect most replies will be of the "their problem, not yours" variety, but hope to learn by some responses:
So we are selling a F&C rental property for $450k, owner carry. An offer has come with a $100k cash - like dollar bills - down payment. We have no need for that much paper cash. The buyer claims to be a tattoo artist, which does generate a lot of cash sales I'd imagine, or maybe he has a weed dispensary (my guess). I remember something about dispensaries not being able to use banks and wonder if our escrow company would reject dollar bills and insist on a cashier's check. Which led to my wondering how dispensaries DO deal with their income. There has been no suggestion of us taking the cash and claiming to sell for $350k, we will be paying our taxes right and proper.
How have different people dealt with this kind of problem? Do I have to re-watch Ozark?
So we are selling a F&C rental property for $450k, owner carry. An offer has come with a $100k cash - like dollar bills - down payment. We have no need for that much paper cash. The buyer claims to be a tattoo artist, which does generate a lot of cash sales I'd imagine, or maybe he has a weed dispensary (my guess). I remember something about dispensaries not being able to use banks and wonder if our escrow company would reject dollar bills and insist on a cashier's check. Which led to my wondering how dispensaries DO deal with their income. There has been no suggestion of us taking the cash and claiming to sell for $350k, we will be paying our taxes right and proper.
How have different people dealt with this kind of problem? Do I have to re-watch Ozark?