All Forum Posts by: Mike Wiesenhart

I’m sure this is a preference, but curious as to what you all do. When do you look at a property? Do you look before you make an offer, during due diligence, or not until you close. No wrong answers, just curious.

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What if I’d like for him to remain a lender, how would I go about then?

I have an LLC for flipping houses. I also have a lender/tax partner. My question is, how do I pay him And make sure that I'm not liable for the tax bill on his profits. I've been reading about 1099s and K1s, but he's not part of the LLC. Thanks in advance.

Investment Info:

Single-family residence buy & hold investment in Riverview.

Purchase price: $134,000
Sale price: $153,000

This was a subject-to deal. We took over the mortgage and the deed was transferred to us. We then rented it out for a couple of years and then sold it during the COVID-19 pandemic.

In your opinion, is this a good time to start flipping? Do you think this is market specific? Why or why not?

I was a broker in NYC and I'll tell you what we required from potential tenants. I also used to same system to rent out my own property and haven't had any issues. 

We required an application, photo ID, last two pay stubs, last two bank statements, and last year's tax returns. Generally any credit score over 700 and an acceptable income would be approved.

I would say no. If it's a small community and people know your company and how you do business, then I wouldn't worry about it. Esepcially if it's on her private page and not a review type page. If it gets to the point where she does leave it as a review, then I might say something or have my attorney intervene. As of right now I would classify it as nothing other than a distraction.

I want to connect with any kind of investor, rehabber, contractor, money person, house staging expert, or agents in Hillsborough County, FL. I am a new house flipper and just want to network with industry pros and like minded individuals.

I am a new house flipper with one deal under my belt. I bought a townhouse in Riverview, FL subject-to, rented it out for two year, lived there for the last eight months, and am not looking to sell it at a profit.

Hope to hear from some people that want to connect!

I heard Brandon say on the podcast today something about a big Zoom investor call, so I figured I’d try to set one up.

Was aiming for Monday at 12:00pm EST. More than anything, just some human interaction and maybe what’s going on in your market.

Let me know if that’s something you’d be interested in.