All Forum Posts by: Brandon G.

@DJ Cummins Also consider an LLC with an S-corp tax election (or simply an S-corp) as a potential tax savings strategy. For me, this completely rules out the idea of flipping in my personal name. Of course, talk to your CPA about it before making a decision.

@Tom Keith I'm actually in the Plano area. And you're right there are tons of Dallas folks here on BP!

@Tom Keith Thanks.

@Tom Keith Do you mind sharing which company you used for closing?

Thanks Marcus!

Thanks for the replies. Does anyone have a copy of a HUD-1 form from a deal (personal info blacked out)? Preferably a HUD-1 from a deal done in Texas. I'm interested in studying all the information there.

I'd like to learn everything I can about the closing process. Since, I have never bought a house, I truly have 0 experience in this. I assume it's too involved to explain in a forum post, so is there any books or websites where I can learn the details of this?

I'm a newbie so take what I say with a grain of salt, but I recently met with an attorney asking the same question. She told me that both LLC and corporations have the benefit of limited liability, but with regard to taxes, s-corp (which can be a LLC with s-corp tax election) is usually better for active income (like flipping or wholesaling) and LLC taxed as a sole proprietor is better for buy and hold. She explained that s-corp helps reduce the amount of self employment tax by passing some of the income as dividends which doesn't have SE tax, but since rental income doesn't have SE tax that this benefit doesn't apply and instead the "reasonable salary" you must pay yourself, would incur payroll taxes.

@Sonny Ngo Thanks for the info. Your post came in as I was writing my previous post, so I'd also like to include you in this question since you're in Texas:

"I was reading on some posts here on BP that double closing is illegal in Texas. Since you both are in Texas can you confirm or deny this?"

@Josh James & @Stephen Brown 

I was reading on some posts here on BP that double closing is illegal in Texas. Since you both are in Texas can you confirm or deny this?