All Forum Posts by: Justin Sellers

Can anyone point me in the direction of some sites to obtain leads for acquiring new deals (ie.. preforeclosures, tax liens, bankruptcy, etc.)  Looking to set up a marketing campaign here in the Dallas, TX area to send out flyers.  The one below is one I have found but wasn't sure if anyone else had some they had used in the past that worked out?

https://4closure.info/

Thanks @Jake Hottenrott

I have spent a good amount of time with this and feel we do have a good start, but always like to get a second opinion to confirm my findings to make sure my understanding is 100% accurate.  I think that is where most mistakes are made in RE investing by not taking the time to do your homework and then reconfirming.

I think you are right though, in that I do need to consult with a professional about the structure that makes the most sense for me and my partner.  

I am sure you will see me ask a million questions on here though and look forward to any future input you can provide!

Thanks for the reply Jonathan! LLC is what I was thinking as well based on the protections it provides, but also wanted to make sure I understood the tax implications going this route. I understand you are not a tax expert, but any understanding you could provide to confirm my understanding would be helpful. For instance, how the profits are taxed/passed thru would be great. Should not need any regular loans, as we have a private lender in place and will use our own capital for the buy subject-to strategy. I have some experience in flipping but again, not an expert by any means. Glad to have joined this site to bounce ideas off of, so thank you again for your time!

Hello,

I am new here and looking for any advice you could share with me on how to start up a full scale RE investment business. I have a business partner and to begin, we are looking to flip houses in the Dallas, TX market. We have the lender and a way to locate local deals BUT want to make sure we are doing this the right way in setting up a legitimate company, so I have a few questions that I was hoping someone here could help with.

1. -When setting up the company, should we just set up a general partnership OR an LLC S-corp designation (again, we will be beginning with flipping homes but while we await the capital back from our first project, I was looking to jump into a "buy subject-to" strategy as well that we will be marketing out for deals)
2. -Which PM software is the most cost efficient?
3. -I assume Quickbooks would be a good place to start for accounting purposes OR should I consult with a CPA?

I am sure these are elementary questions but just want to be sure we are doing this the right way to save headaches down the road. Also, any additional advice is welcomed and appreciated and thank you in advance.