All Forum Posts by: Joe Homs

@John McGowan welcome to BP in the OC.  Meet with like-minded people here:

https://www.biggerpockets.com/forums/521/topics/1233018-ocre...

Good Investing...

@Peter Martin join us and meet with like minded people.

https://www.biggerpockets.com/forums/521/topics/1233018-ocre...

Good Investing...

@Heath D Wallace you are going to get a million different answers to your question.  I have my entities set up with Anderson Business Partners.  They have a ton of youtube videos that may answer your question from a legal standpoint.  Good luck.

@Heath D Wallace your State is the one who charges for LLC's. I'm in California and yes, they charge $800 and that is why I use a land contract that is owned by another LLC. If your second LLC is owned by your first LLC, then all the income and expenses flow there. Why would your CPA charge more? It would not be a separate return.

Good Investing...

@Heath D Wallace check with an attorney, but if you do that then you have two properties at risk under one LLC. Why not create a different LLC that is disregarded for tax purposes and is owned by your Texas LLC. If you are really paranoid and want privacy protection then to place the property in a land trust that is owned by your new LLC, that is owned by your Texas LLC.

Good Investing...

@John Slegg flipping is just a numbers game. The process is very straight forward if you have your team in place. I flip from $100K mobile homes to $2Mil SFR's. However, in the Bay area you may be flipping a $3M teardown in hopes of getting $15M at the end of the day. I just spoke with another investor in the area who is doing this.

Good Investing...

@Ryan Thomson I am working with a company right now that this and FHA assumable are their focus. I am working with 20 buyers as we speak, however its way more difficult here in California and less VA/FHA inventory due to pricing. I just looked in your area and there are hundreds of homes.

Good Investing...

@Kalo [Kyle] NA  Check this one out.

https://www.biggerpockets.com/forums/521/topics/1233018-ocre...

@Albert Johnson a bank statement (can be altered), a bank letter with contact information is better so you can verify the information.  I don't know where you are at, but earnest money usually goes directly to escrow here in California, but if they want to pay you directly and try to find you later in Vegas, that works for me.

@Albert Johnson sounds great, but wholesalers will lock you into a contract with the hope of selling it off to someone else and pocket the difference. They promise you the world and most of the time they cannot deliver. Definitely ask for a POF and make sure that the initial deposit in large, placed into escrow and is non-refundable after their short initial inspection period.