All Forum Posts by: Josh C.

So much wrong here it’s just too much yo handle in one reply. As Wayne perfectly put it, you are taxed at net, not what’s in your checking account. If you spent all your money on other houses to flip and can’t pay the taxes, you can’t say you “reinvested” the profits. IRS isn’t your business partner. They want paid. Period. If you make a dollar they want a slice. Buying new houses aren’t business expenses you can write. You really do need to pay an accountant for their time. Would be helpful for you.

Also, two houses is a lot of a houses to flip in a month every month. I would think less than 1% of house flippers would do that volume.

Why do you not want to sign these papers? Are you planning on getting of Facebook or the news to slam them or something?

The simplest is sign this and be done. Not seeing the downside for you to sign this.

The absolute opposite would happen.

As money is devalued things become more expensive. This is why people flock to hard assets (gold, real estate, etc) during inflation. Keep reading and learning, but also remember there is a lot of fear and crazy people out there. So take things with a grain of salt and don’t blindly believe everything.

USA ain’t Venezuela.

If you are trying to manage 28 projects and you have another job, then oh my you need help. Heck you probably need it anyway.

Options are:

hire a property management company if you have the money just get get everything up and running now. Cough cough.

Sell some to fund others, and maybe still hire out most of the work.

Just grind it out yourself. Maybe in 2 or 3 years you’ll have it up and running and have your Refis done and the place occupied.

Sell everything and go to the beach for 2 months and then buy an apartment that’s all done.

How much work do you want to put in?

@Matthew Paul

If he said he was doing this a long time and making no money that’s great advice. This is clearly a young guy and you smashing his spirt telling him how he didn’t do it like you is just mean and unproductive.

Obviously, you can’t run a long term business being super cheap. But starting out being cheap is smart to build your knowledge base and confidence. Those are way more important than money when young. Pricing is later. Getting work is now.

Great work!

Don’t listen to people like @Matthew Paul. They are negative people that can’t see the long game. Hard work pays off in long run and will suit you well. Most people who start businesses don’t make much first year or two, then big money can come.

Keep hustling.

@Jay Hinrichs

Typically I agree and people are sue happy. But wouldn’t she have real damages here? Her contracted investment went up 100k. Now the same product costs her 100k more to buy. Those sound real to me. If you had a contract with a stock broker to buy Tesla and they waited four months and said no it’s too much now. I feel they owe you those gains. She could have bought something else last December and participated in the gains had she not been in contract with this builder.

Likely though, based on this builder’s garbage contract and the fact he hasn’t started he probably has no money anyway and this is a waste of time.

15 years isn’t that old unless they used the cheapest shingles ever. Roofers like to say replace all the time. If it ain’t leaking and all the asphalt still there is leave it for sure. (If you have a spray foam attic decking you might think about replacing as you won’t know about a leak till it’s late)

@David Roberts

Wouldn’t divorce going up meaning more demand in housing? Mom and Dad now both need housing big enough for the kids instead of sharing one house.

@Wenda Wang

Oh my Wenda. You should look for a new bank to finance your deals. Those very bad terms in today’s market.

Unless your credit is very bad you should 75-80% LTV. 4% rate, 1% or less in points for commercial loans in LLC name.