All Forum Posts by: Arif K.

Just spoke with the IRA Club based on the recommendations here. I will be going with them as well.

Ah, this question has been answered in other places. Should have checked the previous questions first. Anyways, posting a link to a previous similar question below.

https://www.biggerpockets.com/forums/109/topics/1137145-llc-...

For those who are flipping or running rentals as a business, how did you structure your entity? Did you create an s-corp or an llc? What were your reasons for choosing one over the other?

Thanks Denver. I just did.

I am new to REI. Just establised an LLC and about to close on my first SFH. Looking for a tax planner I can establish a long term relation with as I navigate through this and get the most out of the tax benefits afforded to REI.

Thanks @Andy Sabisch for running those sample numbers. I will likely put it on rent if the resale value is not where I want it to be. 

Thanks @Greg C. for educating me about this area. I just saw that the school district for this property, Homewood-Floosmoor HS, was highly rated and that got me interested. This information really helps. My agent also showed me some median sales price for homes in Hazel Crest, Homewood, Flossmoor, and Olympia Fields. I was surprised to see that Olympia Fields had a higher median sales price than Homewood, even though the school district was rated much worse. I wonder what else could be the reason for that.

Is this a desirable location to flip a property? The property is available at $200K and approx $40K-50K for rehab. Some properties recently have sold for over $300K. I am thinking of a dual strategy, where I do a couple flips to earn some profits which I can later invest in long term buy and hold properties. Also, seeing some good value in Airbnb here.

Although I am from the chicagoland area, but don't know much about the south suburbs.

I am looking to do a couple fix and flips and am looking for contractors and recommendations. Thanks.

How do I find contractors who can do the rehab work? I was hoping I would be able to connect with some here.