All Forum Posts by: Dan W.

 exactly what I've done. lol. Thanks  

I have been flipping houses on the side but looking to replace my W2 as I scale up house flipping from small houses using only my own money to multiple larger deals (700k - 1m) using others' money. Not sure where to start but I've been following Ryan Pineda since about 2019.  I know he's the real deal. He's been on BP more and more recently

Has anyone used his FutureFlipper coaching? It's $25,000 for 12 months of coaching, including meet ups where they introduce to private money lenders etc. 

Seems crazy but they sort of got me on the "will introduce to private money lenders" part, and "plug and play systems you can put in place to scale".

My gut is slightly skeptical so I'm on here asking. 

I started an LLC in 2021, purchased a distressed house and am rehabbing it. I haven't sold it, so no revenue is coming, just a bunch of money going from personal to LLC, then out of LLC to the house. Do I need to file taxes? I've gotten 2 opposing answers.

Thanks for the feedback. 

Yes recouping and still having it cashflow positive. I can't find any deals so figured I would ask :) 

Finding "deals" isn't hard but finding ones that  have numbers that make sense seems impossible. 

Is the BRRRR Method still possible in Maryland, in 2021 with the markets the way they are?

Running analysis, I'm finding it impossible to recoup money out. 

Hypothetical:

Bob is 35yrs old and lives in Maryland. He is married with a 2 year old, he has a house (with mortgage) that he owns and has a HELOC on it for $200,000. He has $50,000 in cash (not including money in savings for emergencies). Bob's wife is a stay at home mom, raising the child.

Bob's day job is high stress, long hours and he has a dream of turning his real estate passion into $10,000 per month cash flow and walking away from his job of padding his boss's pockets as opposed to his own.

What is the fastest route from $0/month cash flow to $10,000/month cashflow using the tool of $250,000 cash availability? 

I know there are lots of spreadsheets for flipping but I can't find one that fits me. Here's why:

I have a good contractor that does all labor, provides estimates of all material, and purchases on my Pro account at Home Depot or Lowes and I get receipts emailed to me. I need a basic sheet I can track expenses on but it doesn't need to breakdown like "Bedroom 2 Sq Ft of sheetrock" type of thing. Then I need somewhere to add hyperlinks to receipts and documents. 

I want it so, at the end of each project, I have 1 go-to spot for all details on the project, and when tax time comes, there is 1 spot for everything for that property. 

I like it simple. 

Any advice would be greatly appreciated. I'm on flip #3 and hope to crank that up going forward. 

Can anyone suggest a good CPA in the Maryland (Rockville) area that good at what they do in the REI world?

Not all CPA's are created equal :) 

I didn't expect to wholesale this but I got my hands on a fix and flip opportunity on Northwood ave in Baltimore. 3 & 2 on a corner lot. Fix and Flip - $40k into it, turn it into a 4 & 2 ARV $225k. Buy and Hold - $5k into it and rent it for $1,650 per month. Letting it go $130k which keeps you in the 70% rule for flipping or better good cash on cash for buy and hold. DM for details

As the people that have actually made it... not drop kicks on a forum. So ignore me saying you don't need it. Ask people who have achieved success- Gary Vee, Grant Cardone, Bezos, Warren Buffet. See how many of them did college. ;)