All Forum Posts by: Justin Veloz

I’m in the process of doing my first flip.. I’ll be getting anywhere between 35-42k depending on how fast I can sell.. 

Once I get my profit.. then what?? I have an LLC.. obviously I would want everything going directly into that? Right? my question is then what? How do I plan for taxes? Can I reinvest on another flip.. any tricks to combat the IRS? what do most flippers do with their profits? Do you pay yourself? If so, why or why not ?

I spent so much time researching how to flip.. I never really thought about the next step.. 

Thanks

Justin 

@Michael T. Thanks! I think I worded that “last” flip part wrong.. lol I’m actually looking for another one in the Vegas area with my partner.. we are using the same realtor, contractor etc... just being patient waiting for a deal to come by... 

Just curious.. how old were you when you bought your first property?  How did you finance?  Thanks again for responding.. 

Hey guys and gals, 

My name is Justin. I'm 39 years old and live in So. Cal(riverside county working as a Firefighter. I've been lurking on this for about a year. During this time Ive been reading books and listening to podcasts about REI.. I did a flip in the Las Vegas area with a buddy last year.. it went well....

I literally have zero experience in sales and REIs.. I took me going outside my comfort zone to do my last and only flip.. I have been going to my local REI group in my area... my ultimate goal is to Buy and Hold multiple properties.. where that market lies... time will tell.

Thanks 

J