All Forum Posts by: Parker Steele

I'm reading J Scott's The Book on Flipping Houses, which is full of great information, but he leaves out Capital Gains tax from the Rehab Analysis Worksheet. Not only that, but there is no mention of it in the entire book. My understanding, assuming you've owned the property for under 2 years, is that you're taxed on the profit - sales price, minus renovations, commissions, closing costs and fee, original purchase price. 

Are there any CPA's or flippers who can offer advice from experience? Also, what are the tax implications if you're treating each property as an LLC via an S-corp? Which entity ends up paying the tax?

Thanks! 

@Jennifer Slaughter Great suggestions! I'm at a crossroad with my work and with property investments. I'd like to eventually transition into managing my investments full-time. I'm currently running my own business. In order to continue investing/expanding I need to find a solid w2, I could sell one property and start flipping properties outside of LA, or find some outside investment. Our money is sitting in properties at the moment... and they're appreciating like crazy. I have to get that money to work! The construction industry aligns with my values and goals, so it makes sense. 

@Hillary Gries I think I will take a few courses to enable me to become a student of construction, at least a couple courses, and I'll start introducing myself as such. 

To @Manolo D. 's point, I'd gladly hit the ground running if someone would take me on. I've managed numerous residential projects of my own. At the end of the day, and this is what I respect most about the industry, it's about what you've done, not necessarily the degree in your office. 

Thanks @Seth Borman 

Family connections are great too. One of my brothers is a PE  in Columbus, Ohio and my oldest brother is a property manager with The Heinz Corp. My wife and child will be traveling abroad Summer 18, so maybe I'll go back to Ohio and get some experience.  

Some formal education is a must. I've checked a number of online CM program. Colorado State Global Campus looks promising. It's tough, because there is so much information readily available online, I loath the idea of taking classes. 

Thanks @Tyler Resnick 

Congrats on your progress. I hear Idaho is one of the fastest growing states in the country. I'm sure there are lots of opportunities. Right now, I'm focusing my efforts on Los Angeles. I think I'll stick with the commercial route, verses residential. 

@Manolo D. Great suggestion. Thanks for the clarity. Residential was only a way into investing for my wife and I. It's not necessarily the end goal. 

At this point, I'm looking to find an entry-level position that allows me to gain experience in construction management and offers a W2. I'd like to find a small to mid-level company to get started. 

I've never been afraid of long hours, hard work and the stresses that come with it. I invite the challenge @Trip Guinan.  I've reached what most would consider a successful career in an industry where creatives are a dime-a-dozen. Plus, I've got a solid 30-40 years left in me. My background in the military and as an Eagle Scout taught me to be self-reliant. I'm eager to add value to whatever respectable construction organization I'm able, creating a win-win. 

@Manolo D. How does one embark on a Site Engineer career path? Is it unheard of to hire someone while they're taking online courses to satisfy a company's requirement for education?  Are online certifications even valuable when a majority of the work is learned on the job? 

@Antoine Martel @Brian PulaskiThanks for the suggestions guys! Very valuable. I would love to add in a type of internship or apprenticeship a couple days a week. I've actually been in touch with one commercial GC here in LA. I threw together a resume and sent a few emails. Established a common connection and we met for lunch. It's been a few months. They work on large commercial projects, but this guy also wanted to start up flips on the side.. It seems like a great way to get experience. I've sent half-a dozen emails with updates as I learned Sketch-up, Bluebeam, and finished some renovation projects, but haven't heard back. Let's see how 2018 shapes up! I'll definitely start calling people. 

I'm currently living in LA, looking for our next project out of state. I'm wondering if any Realtors out there have an opinion about the Columbus or Cincinnati markets, and possibly what neighborhoods would make for great investment. I'm open to flipping single families or buying and holding multi-family. 

If you're a local realtor, please feel free to message me directly. I'm looking to line up  a project early next year. 

Best,

Parker

Hi,

I'm currently working in South LA on my second residential property. I'm looking to work for a local GC as an Project Engineer. Ideally with a contractor who does both commercial and residential projects in LA.  My experience comes from mainly my own projects, I've also assisted others on their projects and have studied various online resources. I can read blue prints and have an understanding of how various aspects of a project should be done and look. 

What is the best way to work with a contractor if you're starting out in the industry? 

The past 10 years I've spent in Marketing and Advertising. Since I've already begun investing in properties and renovating them, I'd like to scale up by working with a contractor.

Best,

Parker

Hi,

I'm currently working in South LA on my second residential property. I'm looking to work for a local GC as an Project Engineer. Ideally with a contractor who does both commercial and residential projects in LA.  My experience comes from mainly my own projects, I've also assisted others on their projects and have studied various online resources. I can read blue prints and have an understanding of how various aspects of a project should be done and look. 

What is the best way to work with a contractor if you're starting out in the industry? 

The past 10 years I've spent in Marketing and Advertising. Since I've already begun investing in properties and renovating them, I'd like to scale up by working with a contractor.

Best,

Parker