Newbie from Longview, WA

[Chris Jessica Sanders]

Hi everyone,

My husband and I are looking at getting into house flipping. We want to flip single family homes in the local area as well as in the Portland/Vancouver area and eventually into the Seattle area as well.

My husband's name is Chris. He currently works at a home improvement store in their commercial sales area, so he talks to a lot of the local flippers and it is something that he has become very interested in. My name is Jessica. I currently work at a community college in the Basic Education department. We have a daughter who is 6. We also have a dog, a fish, and a sea snail.

Our plan is to begin flipping a house within the next 60 days. At this time, we both keep our jobs and flip. When we have built some capital and we are flipping enough houses, he will leave his job to flip full time. I plan on keeping my job.

There are a few things that I am confused about and would really appreciate if someone could maybe explain...

Do you flip houses as an individual or as a business? Obviously, we would need help financing in the beginning and are mostly considering hard money loans at this time. Should we get a business loan as well to complete the rehab? If so, how much is reasonable? In terms of taxes, how does that work?

Thank you for any information you have!

Chris and Jessica

[Mark Ferguson]

Welcome to the site! There are many different ways to set up a flipping business. You could start out with properties in your name or set up a corp. it really depends on your individual situation and it is best to talk o an attorney and accountant.