All Forum Posts by: Manolo D.

@Nghi Le You do not have to, you could split 50/50, it is just a matter of opinion and from what I have heard from real life stories at some points. It gives you that extra leverage to buy-outing somebody.

Like what @Paul Sundin said, you are not allowed to form an S-Corp direct, you must go through C-Corp then elect for S, same as LLC.

@Paul Sundin Thanks for the tip on distributions, up to this point, I haven't withdrawn anything by salary or distribution, will probably do it this year.

@Anna Gaylord Yes, click on my profile, all my contact info is there. Talk to you soon. :)

@Karen C. Be careful on the purchase, talk to the local building inspector or building official, give them a visit at city hall before you purchase, you might not be permitted to just rehab this like your regular rehab, you  might be forced to install a new hvac/water/power/gas supply lines (this might cost up to 50k) and have the building quake proof. Be careful in purchasing +75 year old houses, states and county differs. Good luck.

I don't believe these guys are telling you what to do, but they are giving you free information on what they know, which you have solicited in the first place. I believe you got an answer from David regarding your first question, and you have several answers to your "am I missing anything" question.

Ask local govt offices who handles the list of who bought properties. Get/buy the list from them. Use your taxes, remember they work for you, you are asking for public information.

@Mike Flora Don't be afraid to lose that 2.5%, it might be big money, but its better than $0. Think, sell, move on. Don't be afraid to lose PROFIT, get more deals, build reputation, its much more better than money.

You have J scotts book, copy the prices there, talk to your GC without the book in hand, ask them if they could make everything work with those prices. Don't forget to put like 10% contingency, if yes move on with them, if not change GC. Just make sure they are legit and you have  solid contract with them. Good luck.

welcome!

@Account Closed Can you forward me the deal? see if it makes sense to me to flip it. Next in line or whatever.

On other note, I would like to explore opportunities with you regarding other things. And don't fall for those gurus. A purchase/sale template is readily available in google, just get them reviewed by a paralegal/attorney or ask them in the forums, im sure somebody could give you one so you could go forward, wholesaling is all about marketing, in which I don't like, so I am out in that area.

@Anna Gaylord I have a crew in san diego. what do you need done? let me know the details so i could point you to the right direction. will you be financing the whole rehab?