All Forum Posts by: Justin Benster

I'm not an accountant, but if I remember correctly our accountant said unless you are paying yourselves a regular and reasonable salary you should not file as an S-Corp. Hopefully, there's an accountant out there that can confirm. Best of luck your flips! Happy to answer questions or talk shop anytime just reach out.

Both Chris and Joshua are on point, there are many ways to leverage real estate investing as a way to ease your tax burden and create passive income. You may also want to explore opportunities within your current business from a corporate structure, leveraging retirement account tax benefits, etc. as well. Happy to answer any questions or share strategies we use.

There are lots of ways to finance flips without having any of your own cash in the deal, private money, seller carry, etc. Pm me and I'd be happy to share some of the strategies we use.

Yes, welcome.  There are a ton of ways to raise capital for flipping houses.  Send me a pm and I'll see if can point you in the direction of some resources to get you started.  Cheers!

Definitely happy to help Joe.  I've got a GC based in Quincy that is awesome!  PM me and I will connect the two of you

Took the test about 8 months ago, the best advice I got was to take the exam as soon as possible after your 40hrs real estate salesperson course while the info is the freshest in your mind, and practice test, practice test, practice test....    Hope this helps and best of luck!

Continuing education is important regardless of whether it's formal or experiential.  Focusing on the goals of your investing career should help determine which degree is going to fine tune and enhance the skill sets that will help achieve those goals the most.  

What is your current professional background?  

Congrats on taking the first step.  Will this be your first home?

There are a lot of factors that affect closing costs; attorney's fees, prepaid interest, lender fees, title insurance, recording fees, closing fees, etc.  But I'd say that's a pretty close estimate.

Those are both great strategies, but their are even more out there to help them create and grow their passive income.  My father retired last year and I've been helping him use real estate investing not only to create passive income but grow his wealth.  Retirement accounts can also be an especially good strategy, self-directed IRAs, etc.  The best place to start is by establishing clear goals and then diversify between additional passive income properties, as well as private lending, etc.

Steve,

First, congratulations on getting your license!  I went through this same situation about a year ago.  I went through the classes and got my license in a week.  Once I had my license, the next step was to figure out where to hang it.  I decided to put together a list of things I wanted from the relationship and then approached it like any other employment opportunity.  I was hiring a broker, not the other way around.  So, I began interviewing brokers looking for the right fit.  I wanted support, education and training, even with over a decade of Real Estate experience.  However, I wasn't willing to pay desk fees or compromise the value that I brought to the firm.  A few questions I asked the brokers I interviewed; What did they bring to the table?  How seasoned were they?  How connected were they with the local industry?  How seasoned were they?  How seasoned were their agents?  How many full-time?  Part-time?  Did they have any nontraditional investor agents?  What education, training and support did they offer?  What were they looking for from a nontraditional agent relationship?  It took me over a month, but I found a broker who had everything I was looking for and saw the value of having a nontraditional agent as part of their organization.  Happy to share how I presented the value I brought to the brokerage, negotiated terms and what the relationship looks like now.  Please feel free to reach out with additional questions.

Cheers and congratulations again!