All Forum Posts by: Justin Chappelear

Awesome, thank you both for the replies. We've obviously got some more homework to do but this gives me some direction. Thank you!

That was essentially the same question that she posed, which I understand. Additionally, we do own the rental within the S corp and, especially now, I've been considering starting another LLC to hold this rental and future rentals. With the growth of our business, I don't want to run the risk of the business assets being taken in civil litigation from a tenant. Is that what you're getting at?

Lastly, I think we're going to switch this year to a more REI focused tax pro. Thank you for your reply!

Alright all, we followed the advice of everyone on here and started an S-Corp back in 2017 for tax purposes when flipping homes. Additionally, we own a duplex in the company name but that is not the basis for my question...

As the company has grown, we developed a following for our interior design. Therefore, we've morphed into giving advice, spec'ing out homes for people, and the purchase/staging of home goods for people around Columbus, Ohio. It's been a blessing so far, but herein lies the question.....in 2018 we completed a complete bathroom remodel in our PERSONAL home to the tune of about $35k. As such, we used our social media platforms to promote our newfound business of selecting different styles and matching them together to form a cohesive look for others. Through the promotion of our renovation and the finished product, we now have 3-4 clients that came straight from paid ads on Instagram and Facebook.

I'm wondering if a portion or all of the 35k renovation can be used as a tax write off because it was used for a business purpose (promotion). Our tax pro says no, but she had to seek out advice as well so I figured I would throw it out to my BP community. 

Thank you in advance!

Justin

the realtor was supposed to have changed the pictures a little and we just added the aerial shots a friend did for us. Barns like that are very typical for the area. It could be used to park in as is. Or someone could add garage doors to it. We do not have the money to do that. This house was a bank owned repo and had holes in every wall. Everything in this house is new. Also the privacy fence was put in by us. Houses comparable to ours with a garage went for around $300,000 so without a garage we are appropriately priced. We have a family that is very interested just no offer yet due to bank issues. We just want to make the most of the open house this weekend. 

here is the link to the listing, I don't know why I didn't think to include it in the first place. 

http://www.realtor.com/realestateandhomes-detail/4...

It's also listed on trulia and zillow. We are using an agent. I run comps weekly to make sure the price is still reasonable and competitive with the market. Thank you! 

This is our first flip and of course nothing has gone as planned.  But we finally got through construction and got the house listed...... and NO offers yet.  It's been on for 2 months (which in our market is a long time), multiple showings and 1 open house (another happening this weekend).  We have used social media and dropped the price 2x already and still nothing.  House is 4 beds 3.5 bath, 2,800 sqft on 1.38 acres. I still do not think we were overpriced to begin with but something about this house just isn't getting it sold! We are looking for advice on other things we can do to promote the house or maybe some tips for this upcoming open house? Thank you!!!

I will be the one managing.  I only work part time at my job now and plan to eventually back it down to only "as needed". 
Plus the unit is only 10 mins from where we live.  Thank you!!

My husband and I are very new to real estate investing in Ohio (near Columbus) In April we bought our first flip (in the country) and are about a week away from putting it on the market. If all goes well we should net around $50,000. With that money we had planned on buying a rental and saving money back for another flip when the right one comes along. Well of course the perfect rental came on the market. Bank owned, 3 units (2 separate houses on one property) The front house is 3Bed 1bath and rentable immediately. The back house has a 2Bed 2Bath and a 2Bed 1Bath. This house needs some windows replaced, a new roof, and just some paint and flooring but otherwise clean and in good shape. All of the numbers make sense. The house is $79,950, rents will be about $850, $650, $600 ( $2100 total). We will be getting a construction loan to pay for the roof and other improvements (about $20,000) and then we plan to BRRR. Every way I work the numbers we will net anywhere between $1000-$600 a month.

I know this all sounds great and I'm sure you're wondering what the hesitation is about... well we have not sold the first house yet.  Even if we use all of the money in our savings for a down payment on the 3 unit we will still be a few hundred short...not to mention that's all of our money (until we sell the flip house).  Any and all advice to us newbies would be so greatly appreciated. I know we could take a loan out or go with a private investor for the down payment money but in a perfect world our other house will sell in a day and we will have more than enough for the down payment.  We have not used a private investor yet and I'm not sure where to get started with even finding someone.

Hey all, My wife and I are traveling to Myrtle Beach the second week of July and would like to look at some property and explore the ins and outs of a potential vacation rental in this area. I feel like I've done my due diligence searching the forums for an agent in that area so I apologize ahead of time if I missed it. Thanks for the help!