200k profit from my 1st flip, What now?
Hi everyone,
So a little background: I'm 10 days away from selling my first real estate flip and looking at about a 150 -200k profit. The short version is I purchased a Single family ranch at auction using 100% hard money financing and am currently under agreement after multiple offers.
My question to those more seasoned than me is "How do I turn the profits into a full business"?
I purchased the property in a LLC so I imagine the proceeds check will be issued in the LLC's name? Which would then mean I should open a business account to receive the deposit.
My thought is that I would like to start getting business credit cards to help finance deals/renovations in the future. Does this mean I have to do all my future business in the LLC I purchased the house in? How can I establish a business track record if I should be closing the LLC each time I flip a property? Can I/Should I just change the name of the LLC each time and keep the same Tax Id?
Additionally any CPA recommendations in Massachusetts?