All Forum Posts by: Jacob Patterson

Thanks for the info and the contacts! Mark I will contact Robin when I close on this next home!

I'm looking for a good CPA, in the north of Atlanta area, who is either active in real estate investing or works with a lot of investers. I would like to sit down with a CPA and have them help me put together a good tax plan for house flipping. Any recommendations?

Several questions I have.

-Should I start my business as an LLC or a S-corp? and why? I will be the only owner for now, I will probably do around 3-4 flips this year, and I would like to protect my assets in the event anything went wrong. Let me know if you want any other specific info to answer this question.

-Are there any good books or web sights that go into detail on how taxes on real estate work? I know the basics on capital gains taxes. I'm more looking for what can and can not be written off. As well as legal ways to avoid as much taxation as possible. I like every one else would like to keep as much of my hard earned money as possible.

Thanks for the quick response Steve.

Is there anyone in the North of Atlanta area that could recommend a good insurance agent/broker that they use for vacant property insurance?

I'm in the process of closing on a foreclosure in the Atlanta suburbs that I am going to rehab and sell. I'm curious what is the best type of insurance and best insurance company to use to insure the house while it is vacant/being renovated.

I'm fully aware of what and how a wholesaler works. I understand the concept. I know every deal is different and you definitely have to run your own analysis to make sure the numbers work for you and what your goal is financially for that property. I guess my real question is have rehab and flip investors in the Atlanta and surrounding areas had any luck using wholesale people/companies?

Is buying from wholesalers a good strategy and if so what is the best way to connect with wholesalers? I am in the north of Atlanta area and I have pretty much just been looking at properties on the fmls but I'm looking to find new avenues of finding rehab investments.

Thanks for the quick response!

I had to have proof of funds just to submit this offer. I thought about putting a deadline in my offer but was worried about the bank moving slow. I was just curious if there were any special ways to make the bank feel that if they didn't accept the offer it could be rescinded and they might miss out. I actually would have put more earnest money but read something that said 10% was pretty strong. However, shortly after submitting my offer I read something else about offering very high earnest money.

That being said if I wanted to change the amount of earnest money do I need to re-submit the offer or could I just go to the listing agent and tell him I would like to make the earnest higher and nonrefundable?

I am a relatively new investor and I just put a offer on a REO home. My offer was a cash offer, slightly over list price, with 10% earnest money, no contingencies, and within a few days of coming on the market. My question is how do I make the bank feel pressure to accept my offer vs just sitting on it for a few days or weeks trying to get a look at other offers?