All Forum Posts by: Jim Stepan

I’m always looking for the next project. Send me the address. 

Hi Alex, Please add me to your list. We do business mainly in the Bradenton/Sarasota area. Cash buyer, that likes rehabs.

Sounds like a good move Michael! I've been out on Anna Maria Island for 10 years now and the prices are getting out of control here too. STR rates are also crazy to cover the prices people are buying. I've been doing Fix and Flips here, but getting hard to find deals now. The builders are buying them up, tearing down and building new homes on the lots. Now lots here are going for over 1 million!

It is back on market for $9,500,000 not $79,000,000.

@Alfonso Giacomucci

I saw your old post about accounting software. I’m in a similar situation and wanted to see what direction you went and if you like the accounting system you are using? Thanks!

I have to agree with Jen. I’ve used Brett on all of our investment properties. Very thorough and a common sense inspector. 

I have just gone into contract on my latest flip and will be making nice profit of around $350K! This is our largest profit yet and wanting some input on ways to save on taxes. We have a CPA but looking for other ideals on this matter. 

Our company is set up as a LLC and taxed as a S Corporation. How does the profit get taxed and at what rate? I believe it is ordinary income and taxed at my personal income tax rate. If I draw a salary of $100K can the extra $250K stay in the company tax free to be reinvested in the next flip? Is there a time frame that the money needs to be reinvested?

Looking forward to everyone's input!

We use Blalock Walters for our REI closings in Manatee County and always happy with their services. They have offices in Bradenton and Sarasota. I'd give them a call and see if they can cover your needs.

https://blalockwalters.com

Are you still having the Manatee REIA meetings at Beef O'Brady's on Cortez?