All Forum Posts by: Chris Weiler

I just bought a home today to fix and flip. I will be completely redoing the landscaping but it has this ugly electricity meter that stick out like a sore thumb about 4 feet from the front entrance side of the house. Have any of you dealt with these before? Is it possible to pay the electric company or an electrician to come out and attach it to the house? If not, does anyone have any creative ideas on how to hide it?

Jeff, are you sure you can't roll over a Roth 401K into a Self Directed Roth 401K? I'm pretty sure one can do this. Now I do know you can't convert a Roth IRA into a SD Roth 401K.

Hey Suzette, how certain are you that it was the executive director of the Ohio Department of Commerce who called you? Is it possible this broker has it out for you and just got a friend to pose as the executive director to scare you off? If not, did the caller at least show you where in the laws it states wholesaling is considered "unlicensed activity"?

Another option would be to buy in your personal name and then transfer title to a trust. Outside of escrow you can then transfer the beneficial interest of the trust to your LLC. From my understanding the due on sale clause does not apply when transferring property into a trust. Yes, changing the beneficial interest could trigger the due on sale clause, but there is no way the bank would see that and in my opinion it's none of their business. You could also change the beneficial interest back into your name in about five minutes.

I'm in the camp that believes in the added protection of an LLC. Although lawsuits above a million are rare, they do happen and I want to be protected against them. Even if your net worth is not that high, I wouldn't want my wages garnished for the rest of my life either.

In my experience (anyone please feel free to correct me) hedge funds are not interested in short sales in the areas I do fix and flips. They take too long and only yield one property. Hedge funds, prefer quicker REO's (usually in bulk at a discount straight from the lender) and retail bulk deals. By going straight to the distressed homeowner, either yourself or through a realtor, has yielded the best results for me.

Justin, 25% may be harder to find but still doable. I closed on a 40% fix and flip last month and have others I'm currently working on that should yield over 25%. I find it is really dependent on you purchase price. The best deals I'm finding are with short sales. I know people like Will Barnard are achieving these kind of numbers in the high end, major rehab, fix and flip market.

Has anyone dealt with colored interior concrete flooring before? I am doing a fix and flip and 90% of the concrete looks great. In heavy traffic areas the red color has been worn to the original grey concrete color. It does not look good and something has to be done. Has anyone had luck matching the existing color and just "touching up" the worn areas? The cost to sand all the concrete and re-stain is around 4.5K and I'm trying to avoid that. Thanks!

If my Inc buys the items from an individual and the purchase is well over the $600 threshold and I wanted to write off the purchase, I was under the impression that I would need a W-9 from them and to send them a 1099. Any thoughts Steven Hamilton II?

Do you collect a W-9 when giving cash for keys? What if they refuse to sign? I just gave a large sum of money to someone and they refused to sign or give their SSN. I purchased quite a few household items from them and they did sign a bill of sale. Do you think that's enough?

I have done a little research online and someone suggested sending them a 1099 with the word "refused" across the SSN. Any additional suggestions?

There are a number of areas in Columbus where this could be a good deal and even more where it wouldn't. Without knowing what part of town it's in, it's really hard to tell.