All Forum Posts by: Account Closed

we have a C corporation, the reason why we have the corporation is because we used to have a trucking business a few years ago but kept the corporation active. Now we are using the same corporation for our real estate business. And Jon you are correct we file separate returns. Thank you all for your comments.

Thank you for your comments, I don't think I was clear enough, so I would like to explain again. We started flipping houses in April 2017 and our business is a corporation. Since we just started, the business had no funds to purchase the first property so we took our personal savings and put it into our business account. Then we rehabed the house and just sold it, we have a great profit but now the question is we want to take the amount of money we put into our business from our personal savings and put it back into our savings. But since we are a corporation I read that you can either treat that as an investment or a loan. I don't know if maybe I am misunderstanding what I read. I know we can pay ourselves since we did the work but I was not sure what the best way of doing it. I hope this I a little clearer. Thank you for all your comments.

Hello,

My husband an I started in real estate flipping houses this year, we already had a corporation from a previous business so we are currently a corporation. We used our personal savings to buy our first property and we have now just sold it. Our question to our BP friends is- in order to pay ourselves back for this money would it be better to treat it as investment or loan? Than you in advance for any input.

Thank you everyone for the information. We appreciated it. 

Dwight, thank you for the great information, I really appreciate it. Thanks to all of you that responded, you have been very helpful.

Hello, Does someone have any suggestions for an app/software for tracking expenses/miles for a rehab? Also if I purchase something to be used for the rehab from an individual, do I need to ask them for a receipt for tax purposes? Thank you.

Can you suggest any apps or software to track expenses for a rehab and also mileage on personal vehicle? Also if I purchase something for the rehab from an individual for a couple hundred dollars, would I need to get a receipt from them for tax purposes? Thank you.

thank you so much, I will contact my carrier. Have a great night!

Hi, we are excited to soon be closing on our first deal. We will be rehabbing a home that will probably take 2-3 months for the rehab. Is there an specific home owner's insurance policy for rehabs? the property is located in Concord NC. Does anybody have any recommendations? what is the average cost for insurance on a vacant home? Thank you!

Thank you for your comment.