All Forum Posts by: Ryan Nolan

Moving to the area soon and would love to network. I invest and sell real estate in south west Florida and will be doing the same thing in Mobile Al here in a few months when I get licensed in AL as well. 

I’m moving to the area soon and currently invest in southwest Florida. I’m a licensed Florida real estate agent and will be getting my AL license as well and would love to network with other investors 

 I am moving to the area within the next few months to start investing in single family and multi family in Mobile. I’m an agent in south Florida and will be getting licensed in Alabama soon. Would love to network with other investors in the area.

@Bruce Woodruff  we have a checking account that my partner deposits the money into at the beginning of the rehab and I have a debit card and check book that I write checks out of to pay contractors/subs and use the debit card for materials. The checking account is under my business name and they are added as an authorized user on that individual account but don’t have access to the other accounts that I have. At the end of the flip whatever the profit is we split 50/50. I do all the managing, sourcing the deal and selling the property and they pay for everything. That’s how it’s currently set up. 

@Bruce Woodruff for example if said employee makes $15 an hour you just bill your llc $15 an hour like you would from any other company?

@J Scott I have workers comp and liability insurance. I’m not looking to double dip I just want to be reimbursed for what I’m paying him to do the work. Looking for the best solution for this. I have a home watch/maintenance buisness 5)-5 I could bill it through. 

Hello everyone, I currently do fix and flips and buy and holds. I occasionally partner up with other investors on flips. This year I am hiring a full time employee to help me with day to day operations and also renovations. If you partnered up with another investor 50/50 with them bringing the money and you bringing the knowledge, real estate license, deal and subs. How would you go about reimbursing yourself for the time your employee spends working on that project? He would be painting, demo, repairs etc. He is going to be a w-2 employee so if I have him working on the flips I’m partnered up on I’m paying him to renovate the house so how would you go about recouping that cost. Would you bill your own company? Thanks for any input you may have. 

@Gary Siver yes that is very true. Thank you

@Joe Splitrock yes I always partner with other people on these deals. I’m thinking that it would increase my revenue and would keep rehab costs close to the same because I could do more work on the projects than I currently do because I would be compensated for the extra work. 

So on all my flips in the past and current projects I have been able to 1099 different companies and hiring contractors and other businesses to do the work. I also have been doing a lot of work on properties and not paying myself. I have been 50/50 partners with other people and have been paying for and managing the rehab as well as sourcing the deal and listing it. All they have to do is pay for the house. Baisically I’m doing a lot of work and putting some skin in the game and only taking half. My question is if I wanted to add on to my current llc and start a handyman business and update my insurance to include handyman work. Could I bill my own company for the work I do on these properties and pay for it out of one of my fix and flip accounts. I want to make sure it’s legal before I do anything. Thank you for your input. Wondering if anyone has done this.