All Forum Posts by: Scott Williams

Fix/Flip in S corp for funds to Buy/Hold in llc

Chris,
There nothing easy about flipping or wholesaling they both take alot of work It's been said over and over on this site if your new and just starting out, Spend alot of time and I mean 25+ hours reading articles and blogs on both subjects, Mistakes can cost you and/or your investors a lot of money. Your reputation/word is as important in real estate as money But it's worth the work I can't imanage punching a time clock

David,
I'm a builder own my own company, Banks run from me only new credit/loan we've gotten is in my wifes name and me not on it. but we own alot of rentals. So last app. we said I was in property management and it went through very easly. just food for thought

If you decide to let them paint make sure you have contract to have re painted when they vacate. We let our tenant re paint because they asked nicely and we wanted to be nice landlords. They painted Ugly green then moved out 2 months later and I had to re paint. I kept some of Security deposit Sure but it was still a hassle to have to repaint it

As Jon stated going after new money is a very fine line to dance.Best bet stick with personal friends and family circle, If you step out of that group I suggest you meet with a SEC lawyer in your state to know where the line is you don't want to cross Good Luck

Thank you your reponses, and invites to coffee.,
This again shows the quality of people on this site.

I drive a 95 nissan pick-up, Paid for, good milege Why spend 50k on a fancy car that will go down in value ( not counting collector vehicles) I would rather spent 50k on a down payment on more real estate for more cash flow

Tracey, I agree with you all the other problems mentioned don't exist with out the funds to purchase real estate I will gladly take on/and do take on the problems that come with owning, flipping, or hold real estate. The more private funding I receive, the more my lenders and I benifit. With More Funds, comes More problems which brings more growth. My $0.02 thanks

Susan,
Thank you, Your Tips are PRICELSS.
I had heard bits of that info before but not layed out so perfectly, and complete. On be half of my future credit line "thank you"

Will.
Get to know the market you are interested in. As you start watching you will start to notice a pattern a price per Unit price Example an A Building unit may be 100k per unit So 4 plex would be $400k An B Building may be $75k per unit. So a 4 plex wuold be $300K Etc. this is very basic Once you know what your looking for it a fast way to look at a large list of properties to decide if you want to look at one closer Of course you still need to do run the numbers and get good booking info from seller. Good Luck