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Updated about 2 years ago on . Most recent reply

User Stats

38
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18
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Kellie Powell
  • Flipper/Rehabber
  • Peru - Kokomo, IN
18
Votes |
38
Posts

Educating myself on self-employment / new LLC

Kellie Powell
  • Flipper/Rehabber
  • Peru - Kokomo, IN
Posted

Can you suggest any books or podcasts, web sites, articles, you-tubes, etc. I can educate myself with? My husband and I have formed an LLC, we are flipping houses. We both currently have a 9-5 job. We are financially secure enough that husband intends to quit his 9-5 shortly and continue flipping full-time. However I know very little how to pay him from the proceeds of the sales, making draws from the LLC, tax laws, etc. Other than saying "talk to a CPA" what info can you give me? Where do I start? Self-education is important to me. Thank you

Most Popular Reply

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3,673
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3,452
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Steven Foster Wilson
  • Rental Property Investor
  • Columbus, OH
3,452
Votes |
3,673
Posts
Steven Foster Wilson
  • Rental Property Investor
  • Columbus, OH
Replied
Quote from @Kellie Powell:

Can you suggest any books or podcasts, web sites, articles, you-tubes, etc. I can educate myself with? My husband and I have formed an LLC, we are flipping houses. We both currently have a 9-5 job. We are financially secure enough that husband intends to quit his 9-5 shortly and continue flipping full-time. However I know very little how to pay him from the proceeds of the sales, making draws from the LLC, tax laws, etc. Other than saying "talk to a CPA" what info can you give me? Where do I start? Self-education is important to me. Thank you


 Talking to a CPA is really good as well as other fellow flippers that do that full time. I flip properties throughout the year but it is just one of my side things. I normally put the proceeds into a new property. I would contact and call as many flippers in your state or even other states. 

Books that I have found useful for me are  Million Dollar RE agent by Gary Keller, Million dollar investor by Gary Keller, and The Abcs of Commercial Real Estate investing by Ken McElroy.

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