All Forum Posts by: James Friedrichsen

Jon- thank you so much you clarified alot in that response...I was looking at irs.gov. and got side tracked on a few different things...it makes sense...are these difficult to do yourself or would it be easier to hire an accountant? And as far going about paying these taxes is it something done annually?

ok so you're saying that if im not renting it out it wont be capital gains? it would be like buying from a wholesaler or distributor and resaling as retail(like your example as a retail store). Then in that case all my profits from the sale are just net income?

Thanks for your input...im new trying do my research and really unfamiliar with any taxes I also see like a capital gains tax as well and some other jargon...like I said if I could be directed to a place or give insight on business taxes...just trying to learn

Ok investors, I've been trying to wrap my head around all these different taxes that rehab/flipping businesses are subject to....cant anyone put the different types into laymans terms or at least point me in the right direction. I want to understand these so I can have my ducks all in a row. Thanks

Yes I am still active duty and I will do a quick search to see what the area has to offer ....thanks!

Looking to network with people around this area. Maybe we can help each other out.

http://photobucket.com/justincredible46projects

Here is a link to an album im working on..it has a few of my older projects on it they are just before and after photos and im working on uploading more albums of all the in between...im going to start networking out to the Scott AFB area in illinois and hopefully link up with people around there to help me get started on the right foot.

i am a frequent buyer at home depot as well, there is a lumber yard i used but i would need to make sure i was getting alot of stuff to make the drive worth it. I found that lowes does price match which is nice if cheap stuff is a distance away. i never really found any specialty trade stores. i just hate buying stuff at retail when i know there are wholesale places out there.

J-Scott- i sent you message--Thanks!
Roger- Yes that does help i just wish i wouldve known back then what i know now. I am very familiar with the construction process since thats what i do/have done before. Ive expanded on my skills but i know exactly what i could tackle and what i would contract out( for example i can drywall but have no desire to do it myself on a project for the simple fact of time/energy it takes however i would do light framing and finish work myself since ive done it alot more). Having a checklist like J Scott has is a good list for getting that stuff in order when having to get estimates in order.

Here what id like to know, where do contractors find low cost materials? it seems like what i can find is way more expensive than what they find, what did i miss? and how about all the research you guys do, where are you looking because google doesnt always give the answers i want to know, is there any other avenues im not looking at?

to aaron i was going to reply earlier, ive looked into a mentor but all the things that pop up on google are those really shady types that seem to cost an arm and a leg and seem to far fetched to be legit. Do you know of any really good mentors or where i can begin to look?