All Forum Posts by: Jim Murphy

Just wondering what you think of factory build homes I am in process of a deal [ hud foreclosure] and it is on a basement. This is not your trailer type building in a trailer park it looks and feels like a standard site built home.

Thanks Bill, what kind of gross profits do you see , I am looking at possibly 22-30000 per property am I in the ballpark?

What kind of volume can I honestly expect to do over a one year period? I have been looking at areas in or near Albany NY and at properties that cost $35,000-40,000 but have arv of about $95000-110000 .Based on your experience how many should i be able to do in a year allowing that I can get financing etc etc

Just an add on to my question, The reason I wanted an llc or indeed a s corp is if I engage in flipping a property can the check I get upon closing go to llc as though it were a sale or do I pay taxes on each property at the salary rate .

Great advise for long term Thanks guy's

I just talked to a friend of mine who said I should form an LLC first and make offers and bids etc thru the LLC and If I were applying for Hard Money I should do so thru the LLC but usually I would have to give a personal guarentee. what do you think?

Although I am Living in New Jersey now I will be investing further up the hudson valley in Kingston NY and up to Albany.

Hi All!! I do have cash to make my first purchase and rehab it , my plan on the first few deals will be to flip the properties, some people at my investor club have advised that I use borrowed money for the first house or two what do you guy's think.

Sorry I have done houses in the past I am a Carpenter\painter and spakler by trade . I have done several flips in years past but now will be looking more to buy , fix and rent so as to bring in a steady income after time.

Ok so my divorce is near done and I have about $ 100,000 after the agreement Nd I have selected the area that I wish to start investing in . I have read and listened to the weekend millionaire program which advocates a buy and hold philosophy which is fine , though I do want to do some flips. My questions are as follows .
1. Should I form a corporation?
2. Should I Get business Cards?
3. If I flip a property that my corporation owns do I still have to pay taxes on that as though it were income to me , or can I just put that in as icome along with rentals etc etc?