All Forum Posts by: Account Closed

I am currently in the process of setting up an S corp to begin flipping houses. I have about $120K in cash and plan to use hard money to come up with the difference. I would like to stay in Ventura County because I know the market very well and understand prices. What type of minimum return should I be looking for in flips when using hard money? What are the typical cost in hard money that I should be aware of ( points... ect) ? Is there a rule of thumb for cost of hard money when calculating deals? Is their a cheat sheet for calculating repairs? Prices in Ventura County are $350K+ . Do I have enough money to flip? 

Thank you for your help. It is greatly appreciated. 

As a licensed real estate agent in California I often come across deals that I pass along to investors. I would like to start capitalizing on these opportunities by getting properties under contract and then wholesaling them. What contract do I use in California ( Do I use the standard California Purchase Agreement) . For the buyers name do I use my name or do I put something else? Should I use a certain entity to protect me? What type of disclosures do I need to give to the sellers ( Anything saying that I may be wholesaling the property or that the property may be worth more than what I currently have it under contract for?) Am I at more risk because I am a licensed real estate professional?

Your help is greatly appreciated.

Thank you Aaron and Tim ! btw, I listen to the tng podcast as well. 

I think it has to do with estate planning. Spoke with the client again and he mentioned that if your attorney can structure it correctly then their is a benefit. 

The client is selling 3 lots with 7 houses total all next to each other. 

I was told that once the non profit buys it they can do whatever they want. Including re sale for a profit or develop. 

Thank you Russell. That is what I am wondering, If in California for capital gains purposes it makes more sense to sell to a non profit.

Just got off the phone with a client who is currently in negotiations with a non profit about buying 7 properties off them in Thousand Oaks, CA. He is saying that he is selling to a non profit and is not interested in selling the properties individually because of the capital gain taxes. ( sounded like their was a benefit in terms of capital gains by selling to a non profit) 

2 Questions: What are the benefits in regards to capital gains by selling to a non profit?

Thank you! 

Btw, This is my first time posting. 

Hi Everyone,

My name is Jose Luiz Morales. I am 28 years old and currently own 4 properties which 3 of them are rentals. I am a buy and hold investor but also looking to begin flipping some houses. I have been a licensed real estate professional for the past 5 years and currently sell about 50 homes a year. 

I am looking to learn as much as I can and provide feedback and help when needed. Being a licensed real estate professional I believe I can provide a lot of value of the ins and outs of the real estate industry.