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.
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.
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.