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23 February 2016 | 9 replies
You will probably just need to make the initial contact because they will probably be able to direct you to other investors since it's such a small community I'm betting most investors there would know the rest by first name.
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5 June 2014 | 6 replies
It's in a great middle-income neighborhood in a popular, affluent suburb of Dallas.
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29 June 2014 | 175 replies
Congrats Brianna, I bet that is one of the best feeling in the world, not having a boss anymore.
10 June 2014 | 5 replies
Besides, given your prior experience, you would probably do very will at the entry level (under $100k, purchase and rehab) flip game.My (conservative) view is not a popular one here on BP.
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7 June 2014 | 3 replies
I bet the builder choose the inspector, and if they did it would raise a red flag.
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8 June 2014 | 9 replies
Also, I'm willing to bet if it's a ridiculously good deal (if you even suspect so), you could come back here and toss the details into the "Real Estate Deal Analysis & Advice" forum here and see what people think.
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9 June 2014 | 12 replies
On the Bigger Pockets forums, S-Corp appears to be a popular (but not universal) choice for flipping, as an s-corp would help with avoid profits all being taxed as ordinary income (Federal, State, and then an additional 15.3% for both sides of FICA).In my case, tax rate something as follows:INCOME TAX- Federal (up to 36.9k): 15.0%- CA State (up to 39.3k): 8.0%- FICA - both sides of medicare and social security: 15.3%--------- Total Ordinary Income Tax Rate (Fed+State+FICA): 38.3%- Total Dividend Tax Rate (Fed+State): 23.0%I could be calculating this wrong, but for the flip scenario, I'm estimating the numbers as follows (just updated them to reflect new financing terms and flat-fee MLS): - Purchase Price: $14,000.00- ARV: $60,000.00- COST Rehab: $18,000- COST 5 months of holding costs (flip insurance, debt, utilities): $1,727.50- COST Closing costs (flat-fee MLS and marketing/ 3% buyers realtor fees/ county transfer tax/ 2% closing costs): $3,465.00PRE-TAX PROFIT: $21,707.50Applying the above tax table, the post-tax profits appears to be as follows: - No S-Corp total taxes (100% taxed at 38.3%): $8,313.97- With S-Corp total taxes ($1,500 taxed at 38.3%, remaining taxed at 23%): $5,222.23So, assuming my numbers are correct, with an S-Corp, it's a tax-savings of around $3,000.
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10 June 2014 | 16 replies
That might not be true 100% of the time, but I bet it is true 70% of the time.
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23 June 2014 | 7 replies
I bet there's gonna be a lot of learning going on, but have fun with it too!