All Forum Posts by: Alec Sithong

I also need one as well. Looking to see some names 

After further research I'm not so sure C-corp is the best solution for me. I'm comparing that to self directed 401K as I'm the only employee. Either business platform I'm sure there are tax advantages to each. If I'm planning for net revenue of $25,000 the first 3 years with rental properties which is better? By year 3, I'd like to be making over $50,000 net revenue. My goal is to have 2 to 4 rental properties and leave some cash for flipping 1 to 2 homes per year. I don't see making over $50,000 total net revenue each year (if at best) while still employed full time. Any advice? I also need to talk to a good CPA who knows this REI industry well.

Thanks Rajeev!

Thank you Rajeev. Yes I have been in touch with Benetrends who handles the C-corp. How much fee is there for a small one owner start up business in a year? I see paying $5k flat rate but don't want to pay additional monthly fee for just a $20- $40 projected net profit on REI whether flip and/or rentals. at least my first year. FYI i will keep my current full time job while creating this small business. What maintenance as you mentioned is there for my small business (one man shop) in a C-corp other than taxes? I know there's the shareholders I need to meet. What else?

Thanks for the advice Louis, Brian, Justin and Rajeev. I really appreciate it. So is starting a c corp for REI going to be difficult? I'll be the only employer flipping homes and potentially buying land and buidling new homes to sell. I hear buying rental homes would not be good here. Shareholders would not like that. Or will irs not like that? Why won't rental income be good here?

what is the best way to find foreclosure and short sale if I don't have access to MLS? I don't think Trulia and Zillow is that indepth or as detailed. Auction.com is good only if I have cash.

What kind of problems can occur with c-Corp in a start up business? Are there any road blocks or stumbling blocks to overcome? 

thank you all for your responses.  I'll be doing:

Start up business as a C-Corp rolling over existing 401K yes a ROBS. I know of benetrends and guidants out there to start the C-Corp.  Are there others out there as well?

not sure what ROBS is but idea is roll the 401 K into to fund my business.

as I look into starting my C corp I have some questions. When I roll over my 401 K into C Corp do I have the cash to build my business or does it act as a loan to pay back my retirement fund?