All Forum Posts by: Imran Shahzad

Thank you Suzanne 

Thank You Anthony . appreciate your input and advice. Yes it is a flip, we are actually doing gut renovation. Adding like 1200 sq. foot to the house before re-listing it. 

So, I am thinking of drawing the agreement 50/50 with GC.

GC does work via his corporation on the property and we can write off the expenses and split the profit from sale once expenses (GC) + bank loan is satisfied. 

Hello everyone, I just bought a ranch in LI and the plan is complete renovation by architecture plan/2nd floor etc.  I teamed up with a GC where I will buy the house/ paid 25 % down with 75 % loan . GC will do all the work including pulling permits/material/doing work etc. and we will calculate the cost of the project.   from my part : down-payments/+ holding costs and GC will include the cost of building it.  We list it in the market and will split the profit after paying off the bank. I leverage my credit and he leverage his expertise. 

I closed yesterday, only my name is on property and plan is to draw an agreement among ourselves before starting work.

My question to the bigger pocket community is how should I go about it. Can we open a corporation with property name to limit our taxes etc when we do sell eventually and I do understand, I probably should have bought to an LLC but again that way, bank probability would not have given me the loan.

Or if someone knows a person who can help draw that agreement/ + guide me regarding corporation setup etc. or have an idea how can we go about doing this project, I will appreciate it. 

Thank you