Closing this Friday!! Need some guidance

8 Replies

Closing is scheduled for this Friday and I have some questions.

This is meant to be a flip and I am not sure what are the first steps... I am buying it in my LLC and am curious if I should apply for a commercial credit card at the Home Depot or should I use my personal?

Also, what should I use to track expenses? Does an excel spreadsheet work ok or what program works best?

What about utilities? When do they get put under my S corp? How about taxes being paid while owning the property?

These are some of the questions that I am thinking. If there is anything else, please feel free to post.

Thank you!

Also regarding alarms, what do you suggest is the best way to secure a property while it's being renovated?

that's all minutia,, vis a vi a first flip.. more important to concentrate on your costs and resale values.

@Jay Hinrichs It all ties in to the costs. If you have something good to share, please do so.

Sabi your all over the map with your questions.. its just one flip .. don't sweat it pay it all from one checking account and then move on.. concentrate on making a profit that's whats important

Perfectly focused on the profits. Perhaps someone can advise on the minutia as well. 

How does that saying go, the deveil is in the details? 

@Jay Hinrichs has a point about focusing on the profit. Pay the taxes when their due, use your current credit card as I imagine you're on a strict timeline for your flip and won't get the new credit card in time, put the utilities under whatever will be paying for them as soon as the home is in your name and use whatever works best for you to track expenses. I find it a little odd that at this late in the game you're asking about tracking expenses- I think this should have been worked out long before purchasing the home but nevertheless just make something that will work and sort it out when everything's over and done with. It's only one rehab so if you found a better method of tracking expenses a few weeks from now it will be easy to dump all your info into it. 

@Doug Woodville applying for a credit card at Home Depot is an immediate decision and access to the credit line just a simple bar code. 

This is a very easy process but have been advised that I can use my personal card and just keep strict records. 

I'm just asking for advice, not judgement so a simple direct answer would either help or confirm what is already known. 

I thought that this is a pay it forward forum and once I have this deal and hopefully many more, I will absolutely be happy to give direct, proven answers and help future new investors. 

Thanks for your reply. 

Hey @Sabi Const

I agree that these forums are a "pay it forward" type. I didn't mean to offend or come off as judging what you've done, I was just sharing my opinions of the questions you asked. 

Sounds like the credit card might be the easiest option then. Everything that goes on the card will be job related and easy to track. 

I hope the job goes well for you.

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