All Forum Posts by: Brent F.

What would be a reason to have a business than If I can write off all supplies, labor, gas etc.?

Hey guys. I finally picked up my first flip after 5 months of trying. I used a conventional loan so the house is in my name. I opened a LLC for my tax write offs and I'm looking at a 20k rehab.

My question is how can I use the LLC for tax write offs on the rehab expenses when the house is in my name? I'm going to be hiring a contractor to do most of the work. Any help appreciated. Thanks

Flipping brother was a joke. What a bunch of morons.

First the contractor starts digging a hole for a pool and hits a water line. They weren't even putting a pool in!

Second hes out riding a quad instead of working, Not to mention they only had 1 month to do a complete rehab.

I'm in the same predicament as you. My main reason for wanting to transfer my flips into an LLC is for tax write offs.

Mike- the only problem I could see from doing it your way is it could throw up a red flag for the underwriters.

I have a Short sale under contract for about a week that I'm going to flip. I'm financing this flip so as an investor I have to put down 20% of the purchase price to get the conventional mortgage. Which I am pre approved for.

My agent called today and said the listing agent wants proof of funds for the 20% I need to put down so she can send it to the short sale negotiator. Is this normal? I was told to send in my bank statements. Is this normal? Sending in my bank statements before we even get an acceptance on the price doesn't seem rite.

Are my bank statements the ss negotiators business?

What do you guys think?

How did you pay for your rehab? Hard money, cash or conventional loan? Ive been having a hard time getting my first rehab because im using a conventional loan, while alot of people are making offers all cash in my area. At least that's all i can come up with..

[quote=Jon Holdman

My usual advice is to find 10-20 REO properties that you could live with and make offers on all of them. But maybe this doesn't work in your case.

Jon

Wouldn't you lose your EM deposit on the the other properties you bidded on?

I'm just getting into flipping real estate. I formed the LLC and have the offer in on the house. Now I'm not sure how I should fund the rehab cost. My initial thought was to transfer 25k into the LLC threw my personal account. This is what I'm leaning towards.

My second idea was to get a loan out for the rehab cost to keep as much of my personal money in the bank as possible.

What do you guys think?