All Forum Posts by: Susan Bearce

Hi Linda and Jerry,

Thanks so much for all the information. This definitely is just my husband and me and I am in MA so I think I need to find an attorney to help with this.

This is all good information. Since this is only my husband and me and we are talking about flips and a possible income property we aren't sure if partnership or disregarded. We are really trying to get everything legally off the ground before we begin any projects. I hate to admit it but I didn't do my homework and filed for the LLC only and now we are playing catch up to get the business off the ground and rolling with all the other necessary documents needed to operate.

Hi All,

I am curious how other investors file their LLC when applying for their TIN. A partnership, corporation or disregarded entity?

That is truly inspiring. I am hoping to get off the ground. I sometimes ask myself if I should do this where I am not a spring chicken anymore and if it makes sense. Clearly it should make sense for anyone who wants to be free from W2.   Well done!

Hi William, thank you I saw online there were different categories and I am not sure if I would be s single or a partnership since it is only my husband and me. I am in MA so I think that matters. I am trying to find a CPA to find out which is the best for us.

Thanks this is all very helpful especially about the checks. I just want to get set up and look for a good CPA before I even begin to try and approach any deals. I want to jump in and start but I want to get my ducks in line first. 

I have one more question if anyone can help me out. My goal is to have and hold but we really have no capital other than our own money from our full time jobs and our home. Is flipping the best way to build cash for capital first? 

That is awesome! I am studying for my RE sales license in MA. Do you have any words of advice?

Wow - Thanks for all the advise I think this will have to be a "walk away" because even though this was the first call I've ever made he seemed really vague like he didn't want to give me any information. I would think that a seller would want to talk about his properties and not be so mysterious and sort of shut down. It is supposed to be a 10 minute drive to the beach and about 30 minutes from the college which looked about right on the map. 

I will definitely have to do more shopping around and I am staying clear of this one. I googled it and the neighborhood didn't look all that bad, but I did see that from the history the property was originally purchased for way too much in 2007 and it lost almost half the value. I just have a bad feeling about it. 

Thanks everyone! You probably saved me from getting seriously burned on this.

@Jeff Zamora

Hey Jeff,

Thanks for the advise I was actually about to call the police in the county myself to get an idea. I just got off the phone with the seller and he takes care of the repairs himself on the property and agreed to stay on to do that if I needed. I am in MA and the property is in FL. We are going to continue our conversation tomorrow and when I asked his name because he didn't introduce himself earlier he wouldn't give me his last name and said to call him Joe. Does that sound sketchy??? I found the property on craigslist and also saw it on Zillow. He is willing to provide closing costs and just wants to cash out on his properties. This is actually my very first "potential" deal and I just want to make sure I am getting involved with the right property.