Mike Nelson
IRS Dealer status question
I have a friend who was recently laid off and was looking to buy an REO in an OK neighborhood. If he buys it, fixes it up and decides he doesnt like the neighborhood in say 3 months time, and decides to sell, can the...
Nate Mac
Flipping- Repairs in 2018 are cost basis for Sale in 2019?
Background: Created LLC partnership in 2018. Purchased a Home to renovate in 2018 and sold it in 2019. Purchase Price: $60,100 In August, 2018Renovations: $30,000Utilities: $ 2,000Property tax: ...
Justin Summers
Dealer vs INvestor IRS classification
I own a Real Estate C Corp that Flips properties. I also own a construction/ design company that gets paid from the C-corp through a 1099 each year when I do construction or design services for the C Corp.
Averagi...
David Lunsford
transitioning from dealer to investor
After speaking to CPA's, the tax attorney and real estate attorney it's clear I cannot run a dealer business out of one entitiy and create installment sales in another entity without running into problems with the IRS...
Dave M.
Auto Wholesale
Anyone else have experience with wholesaling a vehicle you (or your company) personally owns?
Specifically trying to get a sense of the discount to expect vs. the time/effort I will spend listing online trying to sel...
Scott Johnson
Mobile Home investing in Florida - legal question
The way I read the law, it seems like a mobile home is considered a vehicle and you need to have an automobile dealer license to buy and sell mobile homes here in Florida. Am I misreading this?
Logan M.
Ways to Finance homes for empty spaces in your mobile home community
I more than doubled the size of one of my communities and I wanted to share a few resources that I have found buying new homes for those spaces.We have bought homes through TruHomes and Clayton Homes. Clayton homes ar...
Nate Pucel
Advice on a route to take selling a house
Ok, so I bought a house in March of this year for approx. 43000 with the intent of fixing it up and selling it. I have a 15 month commercial loan so I was hoping to have it completed and sold within the window of over...
Jason Brown
Drug Dealer Interference with Neighborhood Flip
Hi BP,I'm looking to get a little advice on a "potential" issue that I am encountering during my flip. I have a SFH in north miami that I am currently flipping with my partner and we have been encountering a little bi...
Daniel Mills
Vehicle Dealer License?
My wife and I were hoping to start flipping mobile homes but I found out today that I might need a dealer license. I get the impression that it is a federal requirement, but that the licensing is done through the ind...