All Forum Posts by: Brandt Moore

Hey there, 

I'm about to close on a flip my grandpa and I completed. The house was bought entirely in his name (non-owner occupied), but we are splitting the profits 75/25 with me getting the larger chunk. 

Would anyone have any advice on how to either avoid or defer the taxes on the profits. I figured I'd ask here before consulting a CPA. In theory he would have to pay capital gains if he's not doing a 1031, which he isn't. 

Would he be able to give me my portion as a gift before declaring the profits?

Thanks for any advice!

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*This link comes directly from our calculators, based on information input by the member who posted.

All estimates are very conservative. I put a rehab estimate at $30,000 to be very conservative in case of either a septic system replacement or mold remediation. I believe with $5,000 - $10,000 the trailer court could be made fairly respectable. 

@Darson Grantham

Right now I’m looking for a deal in Missoula, and I’m definitely interested in partnering. The market seems to be great here at the moment, and I’d love to be able to take advantage of that. I’m probably most interested in doing a short term flip or a small single family or multi family buy & hold. 

Hi everyone, 

I recently left my 9-5 engineering job in July, and I finished my first flip shortly after that. I'm temporarily living in Missoula, MT for a couple months before moving to SoCal. At the moment I plan on continuing my engineering career once I move to California, but I'm not sure if I have the patience to hold off on REI until then.

I have enough in reserves for living expenses for awhile on top of the 40k I have to invest (I kind of lucked out on a successful first flip), so I'm wondering if anybody has any ideas of what I should pursue. It's difficult for me to get a conventional loan without an income source, and I don't have much of an investment history for a HML.

I'm interested in fix & flips, single-family & multi-family buy & holds, and just about anything that would make a profit. I was thinking about attempting to do a quick flip in Missoula while I'm here, but I think I would need cash in order to make the turnaround quick enough. 

Any ideas, advice, or contacts would be greatly appreciated.

Thanks in advance!

Hi everyone, 

I'm from Iowa where I just finished my first flip, but I am living in Missoula until Thanksgiving and am looking to possibly get into a deal. I currently have no income (left my engineering job to move to California), but I have at least 30k I'd be willing to invest at the moment. This makes it difficult to get a conventional loan though. 

I'm interested in fix & flips, SFH, & multi-family buy and holds. Any advice or contacts would be appreciated.

Thanks in advance!

Thanks everybody! I appreciate the help. I'm debating whether it might be better to wait 6 months or so once I move out there both to stockpile some cash as well as see if the market moves to create more buying opportunities. 

I'm about a month out from finishing my first flip in southwest Iowa, and it looks like it should provide a decent return. I also have a good engineering job in Omaha, but in August I'm moving to Carlsbad, CA because....why not. I would like to use the capital I've built up from the flip and my 9-5 to keep investing in the SoCal area. I'm mainly interested in residential, but I'm also very open to anything. I thought about house hacking or doing a live-in-flip. I'm just not entirely sure how to enter that expensive market with relatively low capital for the area, less than 50k. I also plan on getting another 9-5 in California, so I should be able to shoulder a decent amount of risk. I'm just looking for any advice, tips, or cautionary tales. It seems like the current economy could be opportunistic for somebody like me, but I'm not 100% sure. 

FYI: I'm a 23 year old newbie with a little experience but not much, and I'm motivated to try whatever to see what I'm interested in. 

Thanks in advance.