All Forum Posts by: Suzanne HAINER

thank you both so much for your enlightening responses...they have given me a lot to think about and I really appreciate the education!

Hello,

I am considering loaning money to another investor's flip project and wanted to know if there was a general rule as to how much return percentage to charge after the sale. 

Thank you for any insights as this would be my first time loaning money to someone else for their project.

hello,

Is it legal to offer the owner of a home under tax foreclosure a cash buyout before the auction at the courthouse?  This home is in North Carolina which is does not sell tax liens so you must bid on the home when the auction is finally scheduled then wait through the 10 day upset bid period. If so, what is the best way to approach the owner? I found a home I would love to have but I am pretty sure I would be outbid at auction. Thank you so much in advance for taking the time to educate me.   

thank you all for responding...Nicole B is right...it's an llc taxed as an s-corp

Hello!

Finally taking the plunge into the "Flip or Flop" world!  Hopefully, no flops!

My partner and I are in the process of waiting for the paperwork to be processed for our Llc/S-corp that our CPA recommended we set up before we buy anything to rehab. My partner is also waiting for her HELOC money to become available in the next 2 weeks. In the meantime, we have found a great deal on a townhome to flip and I do have personal funds I could buy it with now. My question is: is it too risky to purchase that property without our Llc/S-corp in place? What tax problems will I have such as taxing the profit as personal income? BTW, we live in the Raleigh NC area.

Don't want to miss out on a great deal but I also don't want to have tax issues down the road.  There is soooo much conflicting advice out there that we have had "paralysis by analysis".  Thank you in advance for any and all advice!

Thank you so much, Aubrey for taking the time to respond with the great info!

Hello!

Looking for our first deal and have found a townhome at a very good price point. I would love feedback on advantages of flipping townhouses and anything in particular to watch out for. I know our due diligence would be to contact the HOA to see what they allow/cover but also wondering about other issues we haven't thought of yet. Any advice would be very appreciated and I thank you so much in advance.

Yes we do and that was the original plan but my partner has now decided she doesnt want to use her's by  transferring it to a self directed 401k.  Therefore, now she just wants to get a conventional loan but I am very reluctant to continue  with her doing that as it cuts out the leverage we have in making cash offers and competing with all the other rehabbers in the area.  I have been looking at tax foreclosures and am considering writing the owners and making them a cash offer with the cash i have before the properties go to auction.  Thoughts?

Hello!

Input greatly appreciated.....

I have cash to fund the rehab portion of a flip..my partner now wants to buy the property with a conventional second mortgage that she has already prequalified for.  What are the tax ramifications of her giving me 1/2 the profit since the house would essentially be in her and her husband's name?  How difficult is it to find a good deal when you can't buy at auction with cash and you have lost the all cash leverage of making an offer on a preforclosure?  Wouldn't getting a home equity loan be easier than a conventional mortgage? Thanks for any and all input or advice!

Hello!

It's been awhile since I last posted as life intervened for a bit. However, my sister and I will be looking for our first property to flip in July (when I will receive the profit from the sale of my personal home in Virginia). We would love to connect with Raleigh area REI's/flippers to either invest with or just meet and talk about this particular market and get some personal experiences. We attended a FB seminar a year ago and more recently, a HUD seminar with Amy Bonis' group. We have attended tax foreclosure sale in Durham and plan to concentrate on pre- and current foreclosures. We have also met with a RE agent to discuss our business and have been self-educating for awhile. Please either contact me through my email : [email protected] or through this site. I look forward to anyone's response and advice. Thank you!