All Forum Posts by: Charlie Rushton

Thanks for the input Joe. There wont be any co-mingling of accounts. I am trying to figure out the most effective tax strategy for this. Since my brother wont really be looking to make a draw, as the profits will be reinvested except for a minimal distribution to me as it would be my full time job.

Would co-orporate tax rates not be prohibitive until such a time that revenue is significant?

My brother and I are embarking upon a RE business, initially fix n flips to grow the cash base, with the view to buy and hold down the line.

He is based in the UK and will be supplying the capital(his) to finance the purchase and rehab of the target properties. I will be the guy on the ground.

We have a strong bond and mutual trust for each other, so any vicarious behaviour is not an issue. However, after the initial deal or two, the question arises as to which route to go down, i.e whether to incorporate as an LLC,(or other entity) and if so as a C corp or S corp. We are in this 50/50 per se, and as the business evolves, it is agreed that I would begin to make a salary.

From a tax strategy point of view what would be the best set up going forward

Until we get into buy and hold, asset protection is not as necessary IMO. Is this correct?

Any thoughts and advice are appreciated

Thanks for reading

Are non licensed re professional legally able to use the state promulgated sales contracts. Specifically in Texas from the TREC?

Anyone able to shed light on this

Looking forward to meeting you at the Meetup Mark. Thanks 

I would be grateful if you would share the template with me as well.

Many thanks

Nicole,

Thank you for the support. I am moving to Dallas and will be doing the flips in the local market to begin with, b=ranching out when I have more knowledge. I just Got J.Scotts book and am reading it already.

Also want to build my network and immerse myself and learn from people like you that are doing it. 

Is it advisable to draw a business plan up,?

Great article with real world advice.

Thank you

Am looking to do my first flip in the dallas area, and would welcome any advice and anyone wanting to mentor/guide me. Looking at all cash deals up to 300K. where are the best places to find the deals.

Thanks for the support

Is there a rule of thumb as to what up front monies are paid when putting a property under contract?

I need some advice and potentially contract work for creating offerings.