All Forum Posts by: Alec Sithong

Benetrends is the company I'm using. They've explained some of it but I still have more questions. Wondered if anyone else has a different angle or exception on it.

Hi everyone I wanted to follow-up from these threads and thank all of you for your advices. I did go with C-corp and incorporated my business entity. So I'm well under way. Next step is to start my active business such as flips. I know I cannot invest in passive income because of my recent rollover (ROBS). I know this business plan needs to be an active business and not passive income to avoid tax penalties. If I did purchase a rental property with monthly incoming revenue to be used for buying and selling other properties doesn’t this justify it as an active business even though I have a rental property? Where is this exception in IRC 4975? Any advice would greatly be appreciated.

Glad to hear you found one. I'll keep their name handy. Keep in touch and let us know how their service goes. Always good to have a few resources available.

good idea however you should do a market analysis  ($3000) to get numbers on demographic study. This will show you what the age range is within certain mile radius. It will also show who you'd be competing against as there are many retirement communities that maybe at your price point. You'd want to be below them or offer better amenities. Below a certain rent, they would generally stay home and have their children adapt their home to age in place. As an architect I design both commercial and small residential senior living homes. It's very competitive and getting tougher. Then again which business isn't? Good luck and hope this helps. 

@Steve Haight great idea. Would like to see how that works 

as an architect I design large independent living and assisted living homes with 100 - 200 beds. Operationally it's a big deal with client both operators and developers. I'm curious to see how the numbers work at a smaller scale with only 5 to 10 beds. Is there money after paying nursing and administration under the assisted living state incense?

sorry the ones I know are commercial and charge more as well. Good luck and let me know if you find one cheaper. In my opinion that $1,500 range isn't bad if he's willing to sign off on it. You definitely need someone to watch your back in case something comes back. That amount is much better than an attorney fee.

Steven, who in South Carolina? Is it Alex Franks? Just met him yesterday and he's big into multiple family. Rental income tax in that state is higher than NC where I'm at but not opposed to doing work there. Alex knows SC very well.

great idea on 4 plex. As an architect I like the idea of new build and renting in B + area preferrably near larger cities. I'd like to see some calculations to see if it's profitable. Does anyone have a spreadsheet to include land development? Thanks again 

@Dave Foster great insight! All of you are a tremendous help. Thanks