All Forum Posts by: Caleb Mclamb

thanks @Account Closed !

thankyou @Account Closed  very good info, 

What version of quickbooks would be best for flipping and then buy and hold properties?

@Jon Holdman Thank you for the feedback! Ive seen the question on here in other posts but not towards flipping. So an LLC being taxed as an S Corp should work fine for flipping and the same LLC could do B/H's?

And also ONE other question, what version of quickbooks is best for real estate investors in both flipping and B/H?

Hello BP! 

Two questions: can you 1031 a house that you have flipped into your next flip?

and also what business structure is best for someone who plans to do a few flips to build capital for B/H MFR properties?

I know LLC is the automatic answer, but why do people not use S or C corp? would they not provide lots of opportunities for tax deductions that an LLC cannot provide?

Thank you for any insight.

Also, if there are any helpful articles directly related to the subject please point me towards them! 

Hello BP, I found out about a local program called SHIP that will give up to 7500 dollars to low/mid income families (THATS ME) towards a down payment and closing costs on a home. I called and they said it applies to SFR's only. Have you ever dealt with any programs similar to this one? Would it be possible to buy a sfr and turn it into a mfr? Just thinking of ways to get creative... Thank you for any feedback

@Elizabeth Colegrove  celebrating goals is good! I read an article recently about an investor who said he would buy a lambo when he reached his 10 year goal, and he reached it in 5 years or something because of his motivation to do so. 

Ive set goals and am making plans to do things that would motivate me to get there. 

Hello BP! 

I have never posted here because I thought it was only for people who just finished a deal, but the I read a good post saying it's encouraged to share successes to stay motivated.

Over the past week Ive successfully lined up a private money investor for up to 120k  and am assembling a team to begin a serious search for 3-2 bricks to flip beginning in January. I'm trying to accomplish one big goal a week, this week it was to meet with at least one "big" person in my town. I did and I got a personal introduction to his contractor, a reference to his favorite realtor and lawyer, along with good advice and other references.

Next weeks goal is to have meetings with at least 2 potential team members. Hopefully Ile be able to report I did it!

I am still waiting on one response but overall yes this particular person was a no go. I dont want to put details etc since you never know who's reading but all feedback came back negative. Now im just awaiting feedback on the feedback so to speak.

But as a silver lining, in the process I discovered someone Ive known for years is a local investor in a large way. My family has done business with him for years and i would have never expected it. He is a personal finance planner and historian, but as it turns out his living comes from realty. Im setting up a lunch meeting asap!

sory when re reading that it sounds shady haha yes i mean a 50/50 split of everything not just profits ide never do that. And ok i will be sure to ask that question as well. I want to vet him and be able to trust him fully but at the same time dont want to insult the man.

I almost hate to do the deal because I don't have a full team in place, I did not plan to start being active until January if everything went according to plan, but given the circumstances I may start now. It is also noteworthy that he has a very open personality and is up front, I like his style and he seems like he genuinely wants to help teach a newbie, although still... trust but verify...