I made money flipping my first house! Now What?

I made money flipping my first house! Now What?

Mark CaudillPro Member
Pensacola, FL · Member since 2018 · 51 posts · 32 votes

Hey BP,

So we have just sold our first flip and have another under contract. We made a profit from the first and will apply it to the next one. Since this is the furthest Ive made it in my REI career. I have a question for our more experienced members.

As you became more profitable in the beginning in hindsight, what would you have done differently in setting up your financial structure for the long term.

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Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
6y

@Mark Caudill call a CPA that specializes in RE ASAP. My $.02 and you can keep the change!

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  • Rental Property Investor · Los Angeles, CA · Member since 2013 · 1k+ posts · 1k+ votes
    6y

    @Mark Caudill call a CPA that specializes in RE ASAP. My $.02 and you can keep the change!

  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    6y

    @Mark Caudill

    You want to take the experience from the first couple of flips and see what it is that you can transfer into a system.
    You don't have a business unless you have systems in place.

    In my opinion - if you want to operate a business, you should hire the proper professionals to help you make sure you are running the business properly and efficiently. 

    Spent that $200 on a professional if it saves you 4 hours from having to research.

    Good luck on your future flips.

  • Specialist · OverTheRainbow · Member since 2020 · 607 posts · 909 votes
    6y
    Originally posted by @Mark Caudill:

    Hey BP,

    So we have just sold our first flip and have another under contract. We made a profit from the first and will apply it to the next one. Since this is the furthest Ive made it in my REI career. I have a question for our more experienced members.

    As you became more profitable in the beginning in hindsight, what would you have done differently in setting up your financial structure for the long term.

    Congratulations. Now, if you want to obtain wealth instead of buying yourself a job, look into cash flow. Your tax rate on flips is about as high as you can get, cash flow lets you get you money and not pay any taxes if you do it right. Talk to a CPA that understands real estate investing. You will be amazed and pleased with the information.

  • Investor · Elizabeth, CO · Member since 2016 · 32 posts · 29 votes
    6y

    Guys, thank you for your insights. I have an excellent pool of subs down in pueblo. My realtor is awesome. So it sounds like I need to get ny financial team together.

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