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All Forum Posts by: Allie Bloyd

Allie Bloyd has started 6 posts and replied 23 times.

Post: New to real estate investing, looking for tax help

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

Thanks, Brandon!

Post: New to real estate investing, looking for tax help

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

Hi Everyone,

I am just starting in real estate investing and am working on my first deal. I have always had very simple taxes, but now I realize they are going to get more complicated. I am working under an LLC. I am trying to identify tax strategies to help me keep more of my money and continue to grow my business. I know there is a lot of information on the topic but any suggestions would be helpful, as well as great books to look into or forum posts to check out. With my first flip, It is going to bump me up into a new tax bracket, so I didn't know if putting aside 30% of my flip profits would be sufficient or if I should put away more? Thanks in advance for your help!

Allie

Post: Just closed on first deal!

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

Hi @Ian Tudor, well I did apply for first time flippers! haha. We'll see, but that would be amazing! I'll definitely check out your page!

Post: How much of your profits should you invest back in the business?

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

Hi Everyone,

I was curious as to what you thought. How much of your profits do you invest back into the business? I read a book that says you should invest profits in 6 buckets:

1. Taxes

2. Growth Capital

3. Directly into the business

4. Personal Savings and Retirement (15%)

5. Daily living and bills (percentage depends on family size)

6. Fun money to reward yourself (5%)

This book preaches leveraging other peoples money to finance your flips so investing all the profits into your next deal is not in line with his strategy, although I'm sure this is an option as well. Interested to see what you all do with your profits to continue growing the business, pay your bills and have a little fun every now and then.

Thanks!

Allie

Post: Just closed on first deal!

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

Thanks everyone! This is a fix and flip. @James Beam we didn't put any contingencies. We were sure there would be multiple offers so we wanted it to be an easy deal to accept. We didn't say anything about a clean title, but I'm not sure if we should have or not? Are HUDs known to sometimes have title issues? 

Post: Just closed on first deal!

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

I will! Thank you @Harry Metzinger!

Post: Just closed on first deal!

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

Thanks, everyone! @Jill DeWit I have been listening to as many podcasts as I can get my hands on but I need to check out the videos and webinars!

Post: Just closed on first deal!

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

So the property is in by Hurstbourne and Watterson Trail in Fern Valley, Louisville Kentucky. It was a HUD home that had 2 days left for owner occupancy bidding when I found it. Went and saw it, ran the numbers, and made an offer the morning that they opened to investor bidding. They were asking $57,000. We knew there would be multiple offers so we offered $60,000, all cash, 10 day close. It is a 4 bed, 1.5 bath with 1,350 square feet. The comps run from $115,000 - $130,000. We estimated a $30,000 rehab, but after getting all of our quotes in, we're right at $22,000, with about $8,000 contingency. Can't wait to get started!!!

Post: Just closed on first deal!

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9
I am still pretty new to BP and have gotten a lot of info so far that has helped my partners and I get started. I just wanted to let out a big Woo Hoo because our first deal just closed yesterday! Knowing that I'm officially in the game is the greatest feeling. I'm sure I'll be posting for some tips here soon, but I just wanted to share the excitement!

Post: Louisville Real Estate Market

Allie BloydPosted
  • Interior Decorator
  • La Grange, KY
  • Posts 25
  • Votes 9

I am currently looking for my first property in the Louisville/Oldham area and am "waiting" to find the right property. I wanted to start with something very inexpensive on my first house so that the risk would be less, and then gradually move the needle up as my experience and confidence in my process grows. How much did you spend on your first properties? I am hoping to find something around $50K or less + rehab costs. Is that an unrealistic expectation? Am I going to be waiting a long time?