All Forum Posts by: Kyle Allen

We are in the process of completing a remodel on our house in St. Joseph Illinois and after running my numbers i have come ot a standstill on which course to take with the property. Initially i was planning on flipping the house with a desire profit of around 20-30k. However, after doing more research in the area the rentals have become scarce and driven up the rental prices in the area to around 1200 a month for a house this size. The rentals do not stay vacant very long. I have been working on the house about 8 months and will have it finished by the 9th and need to make a decision on which direction to go with this. My options are to refinance and rent it or flip the property and move on to the next one. Monthly payment after refi would be around 900-950, withe rent running 1200-1250. My concern with renting is we put nicer materials in the property than we would have wanted if we were going to rent.IT has new hardwood floors cabinets etc. entire house was redone. We would net between 250-300 a month on the property but fear that the house would be damaged. So my question is which option would everyone advise. Should i sell and cash out of this property with the original plan to move on to the next house or refi and rent it and add to my rentals? We currently have 3 rental houses and this was our first full flip so i'm just hesitating on which tactic would be better for us. Thank you all for the responses in advance!

Kyle Allen

We are in the process of completing a remodel on our house in St. Joseph Illinois and after running my numbers i have come ot a standstill on which course to take with the property. Initially i was planning on flipping the house with a desire profit of around 20-30k.  However, after doing more research in the area the rentals have become scarce and driven up the rental prices in the area to around 1200 a month for a house this size.  The rentals do not stay vacant very long.  I have been working on the house about 8 months and will have it finished by the 9th and need to make a decision on which direction to go with this.  My options are to refinance and rent it or flip the property and move on to the next one.  Monthly payment after refi would be around 900-950, withe rent running 1200-1250.  My concern with renting is we put nicer materials in the property than we would have wanted if we were going to rent.IT has new hardwood floors cabinets etc.  entire house was redone.  We would net between 250-300 a month on the property but fear that the house would be damaged.  So my question is which option would everyone advise. Should i sell and cash out of this property with the original plan to move on to the next house or refi and rent it and add to my rentals?  We currently have 3 rental houses and this was our first full flip so i'm just hesitating on which tactic would be better for us.  Thank you all for the responses in advance!

Kyle Allen

Please count me in as well if any remote positions become available  I currently remote part time for my current Financial Auditing job and already have my office set up and I'm trying to work into real estate full time on the side with a few rentals and flips under my belt at the moment. would love to be on the team if anything ever became available.    I have a resume and references waiting if that ever happens.  Good luck on filling your positions!  Kyle Allen

Are you referencing self directed IRA's?

@Frank Selden , What are you referencing in regards to the retirement funds?  I will definitely be sitting with my cpa and lawyer this week before deciding.  i was just interested in what was most common for members on here.  We currently have a few existing rentals, and i started a side business in construction on top of my auditing job this year and then we decided to start investing again and are finishing up flipping this house so with all the moving parts i didn't want to shoot myself in the foot by not researching.  Plus i like to have more knowledge of what is common when i meet with the CPA to ensure I hav a grasp of my options.  Thank you very much for your responses!

We are planning on sitting with one this week along with my lawyer. I've seen so many variations on things its hard to choose. Most commonly I've seen the LLC's done with either a S-corp or C-corp but i want to make sure i have everything file before year end. Just trying to see what the most common options people were using on here. I appreciate the response Jeremy! Thanks!

I started a side business this year with my mom as a mainly silent partner. We have tools, truck, trailer, insurance etc for the equipment for the business and are currently finishing up a house flip that we purchased. Will hopefully be on the market in January. We are trying to decide how to structure our business finacially. I see LLC being used commonly for real estate but we are unsure if that will work or if we would be better with an LLP. How do we split the tax liability between us since we both have regular jobs? Do we need to move the equipment, truck, etc into the business name before the end of the year to be able to depreciate? Thank you for your responses in advance. I always find such useful information on here.

I started a second business this year with my mom as a mainly silent partner. We have tools, truck, trailer, insurance etc for the equipment for the business and are currently finishing up a house flip that we purchased. Will hopefully be on the market in January. We are trying to decide how to structure our business finacially. I see LLC being used commonly for real estate but we are unsure if that will work or if we would be better with an LLP. How do we split the tax liability between us since we both have regular jobs? Do we need to move the equipment, truck, etc into the business name before the end of the year to be able to depreciate? Thank you for your responses in advance. I always find such useful information on here.

I've seen a lot of responses on bathtubs for rentals but not a lot for flips. What type of tub is the most popular to put in for flips. There are a variety of styles and depths. Preference on cast iron, steel, acrylic? I'm planning on tiling around the tub and although cost is a factor but what has everyone found to be the best bang for your buck for this? Brands? Thank you in advance for any replies.