All Forum Posts by: Amy Vasquez

I ran across an idea that might work. Its a little complicated and involves a lot of paperwork/time and might not be worth it from that standpoint alone. I'm still trying to figure it out a bit myself but here goes

1. Put each property in a Land Trust with your attorney as the trustee(so they can use atty/client privelege to not give out the info of who actually owns the trust. This hides your assets

2. Make each trust owned by a limited partnership. You are the limited partner so you can still get payouts and the general partner (who is liable for everything) is your LLC (see below)

3. Have a main LLC (one for each property? or one for each TYPE of property.... rentals, flippers ? not sure on that part) This LLC would be the general partner in the above limited partnerships. The LLCs ownership of the partnership would be 1%

Supposedly this
A. Hides your assets (with the LT)
B. Uses the partnership as a "go through"
C. Makes the LLC own only 1% of the partnership (and profits) so theres not much to go after. Then because you are in control of the LLC you control the payouts. The LLC also separates you from your assets.

May be more paperwork than its worth but....

how do you write of business expenses without having any kind of entity (even a sole proprietorship)?

One more for the good guys! Glad you won and not this opportunistic scammer.

Yes! And THANK YOU for the very detailed analysis of the three options. I hadn't known about those little changes that mean so much to the tax man. Thank you! :superman:

Thank you!

Welcoe to the forum. I'm new too and also in AZ. If you didn't already know... stay away from Queen Creek! It still has a ways to drop in value I think. I will be focusing on Chandler/Mesa area flippers. How about you?

Hi All,

I'm new to the forum and wanted to introduce myself. I have run a couple very small businesses that have done well. I have finally reached the conclusion that I am going to do flippers. My husband and I are quite handy. We just completely redid the house we bought 1.5 years ago (totally redone kitchen, bath, flooring etc... and we're now working on creating a built in entertainment center) It was pretty fun seeing the house transformed. It also gave me a good feel for how long things take and what they cost.

I believe in VERY calculated risks. If risks can't be properly calculated, the investment must be very minimal. I am here gleaning all information I can....:D I hope to get my first flipper within 6 months. I believe the market (AZ) will be pretty stable by then. It is already stabalizing in "in town" areas. Anyone in Phoenix area in AZ with thoughts on the market?

My first AZ flipper will be as cheap a purchase as possible (requiring only "easy" stuff like landscaping, paint, carpet, etc). I'd love to enclose a carport and make it into a garage on a future flip. That'd be a great value add especially in an area where most houses already have it done. But I won't be doing that on my first flip. Way too involved/expensive for my first one.

I'm really looking forward to getting to know everyone here! Alright, I'm off to the library to see what books I can find. Any suggestions for reading? I'd like to read from authors that have actually flipped properties.. and were successful.