All Forum Posts by: Ashley Wilson

HEY BP!!!

I need your help! I am looking into getting Business Liability Insurance for my flipping company which is under a LLC. I need suggestions on companies, rates, what type of coverage I need, and anything else that you think might be helpful!

Thank you so much for your help!!!

-Ashley

@Jonathan Lehman I completely understand.  And IMO analysis is still a good thing, so I would be happy to help you with any questions you might have:)  If you are investing in Columbia too, I can help you get started with the analysis part (don't worry we don't compete in that area:))...and actually some of my contacts may even cover that area as well.  Looking forward to speaking with you and happy reading, hopefully you will find some helpful tips in some of the entries I have posted!

Congratulations and welcome!!! I am still relatively new to flipping (just finished our second year in business), and I have several blog posts (which you can link to from my page) about being a newbie and how we went about getting started. I am also from PA, so yay East Coast! I wish you lots of success and if you have any questions, feel free to ask:) 

Congratulations! Very impressive and it seems that you are off and running on your next projects too! What was your forecasted ARV? Also you mentioned not paying taxes, but you said that the house was under contract approximately 8 months after acquisition so how did you avoid taxes? Did you do a 1031 exchange?

Congratulations and welcome to BP!!! It's too bad you moved from Pennsylvania, as I am from there and could have provided a little more local support.  However, the fundamentals are the same.  For me the flipping consists of a triangle: House, Team (and not just sub-contractors) and financing.  Lining those three components up is the challenge, and while I am still relatively new myself, I find that at different points of our business, each point of the triangle has posed different challenges.  If you continue to think creatively to keep those three aspects in check, you have the foundation (no pun intended...ok, maybe a little!) to build (ok, enough already) a successful business!  Let me know if you need any specific advise! Best wishes!

@Brie Schmidt Yes!!!!! This is awesome!!! I am 2 years in, and still learning and absorbing everything I can from BP, and the community.  Like you, I have valued the connections within this community and the opportunity they create!  I wish you lots of success and can't wait to see what the future holds for you!!! 

Hi @Geraldine Magner,

Welcome!!!! First off congrats for joining and writing this post. I know it takes courage just to put yourself out there like that! I am originally from Royersford area, but now live in Radnor/Newtown Square.  Good and bad thing about our area is there are a lot of people in real estate in this area.  Good, because there are a lot of areas for information, and clearly there is a demand for it...bad, there is so much competition so if you are not one to get emotional about things, and you stick to your numbers (which is what you should be doing), it may take a bit of time to get in because the some of the competition is happy making little, to sometimes even having a loss on a property...so the bidding here is intense.  But don't be discouraged, you will find your niche!  If you have any questions, or need any insight/help, don't be afraid to reach out!

Sincerely,

Ashley Wilson

Thank you @Will Barnard!!!

@Josue Pierre Thank you for the link. I have seen this before, and have created my own, modified version of a flipping spreadsheet that I have used for every project so far.  I think sometimes a few modifications are needed for the specifics you need to track:)

@Account Closed it sounds like it might be worth getting your GC license, at least in the short term.  I am a huge component for scalability with sustainability, and I am always trying to rethink the way we do things and how they would be done if we were to scale.  Just a thought, while it may be beneficial to get your license now, in the long run if you were to scale, coupled with your comment "...but I can't do everything", you will eventually need another GC (as you are going to be successful!)  So in other words, you are just delaying your current problem.  It doesn't mean that is a bad idea, as you never know someone may appear while you have your GC license and it will be a seamless transition, just thought it was something worth considering.  For funding, it seems like we have had a similar history.  For us specifically, we are having success with the bank, so I am hoping this will continue, however, I am also trying other outlets as well to keep options open!