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Updated about 8 years ago on . Most recent reply

User Stats

15
Posts
1
Votes
Anna R.
  • Specialist
  • AZ NM IL TX CA
1
Votes |
15
Posts

Newbie - Residence into Business

Anna R.
  • Specialist
  • AZ NM IL TX CA
Posted

I have just flipped the property I lived in for 14 months also my first property as a home buyer. I would like to continue this business as this flip has been very favorable to my income. 

This house is currently on the market.  I would like to leave a nice down payment on the next house and get the rest on a construction loan from a lender. I never owned a business should I state that this property is my business and will this help me get a construction loan easier on the home I wish to purchase in the next few months?  Also for tax purposes is this a good idea? 

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