All Forum Posts by: Preston Quinn

Ok guys, I bought my first flip back in late September. About a week from being finished. A guy knocked on the door and made an offer a few days later. I accepted, and we are now under contract. 

My question is this, if I push closing til jan 1st so I don’t have to claim the income this year, what happens to all the expenses from this house on this years taxes? Does it just roll over? Or will I lose a portion of it? 

Here in our market, it seems like a house is worth what someone is willing to pay for it. There have been several houses that I’ve been involved with on the sellIng sIde that were overpriced. We always thought that it’llNEVER appraise for that. And somehow they always do. That’s our market. Personally, I would not pay retail for a house. And if you think that it’s overpriced then it probably is. But I’m guessing that if you’re willing to pay asking price or more, it’ll appraise for that amount. Be careful if you offer. You may end up overpaying.

Awesome job man. Looks great.

@John Mocker Can you insure a property in Virginia?

@Casey J Burkhead They are. Also want a vacant home policy. I have literally called 15 local companies. Still have a few left to call locally tomorrow. Hopefully somebody will do this. I’d hate to lose the deal I have over insurance.

I’m in Virginia. I have a house under contract in my s corps name. I am using conventional financing on the property. I am having a hard time finding and insurance company to insure the house during the flip. Any suggestions??

@Ashish Acharya thanks for your input!!  I am really excited and super nervous at the same time.  I’ve been involved with 8 flips in the last 3 years. Not involved financially. I guess you could say I was mentored throughout my buddies journey. I Finally scraped enough money together to buy one on my own. Im just trying to minimize my mistakes if possible. My buddy tells me that the tax question is something he won’t talk about. Told me to find a good cpa. Taking his advice. 

Thanks guys. 

@Michael Plaks I never said I wanted free advice from the three accountants I’m waiting on. That’s your assumption and it’s not correct. In fact, I told all three of their secretaries that I’m willing to pay them their hourly rate for a few minutes of their time to run my scenario by them to see if I like what I hear. I’d appreciate it, if you didn’t jump to conclusions.  

I’ll just wait to hear back from these local guys. Thanks guys.  

@Mindy Jensen Ok thank you Mindy!!

@Dave Foster, I bought this property in a S-Corp entity. If I take the profits from this flip and invest it on a rental property can that be considered a business expense for tax purposes?