All Forum Posts by: Austin Latty

Hello there,

Im an investor in Elizabeth City, I haven't come across any locally in E City that are versed in wholesaling, but I have gone through Innovative Closing Solutions in Winston Salem NC for a wholesale property and they were good.  It was all virtual so I didn't have to travel.

Have you had any luck finding a GC for the rehab yet?

Yes I am an investor in Elizabeth City, I will send you a message.

Hello BP,

I am a new investor and just recently went under contract for my first flip property. I set up an LLC, and it will be buying the property. I also just opened up a business bank account. I have about 35k in my personal checking account that I would like to move to the business account for initial funding, What is the best way to do this without piercing the corporate veil? Can I just write a check to the LLC and it be an owner contribution?

Also I am looking for a tax professional in NC as this is all new to me.  I am a w2 employee who makes about 60-70k per year and have always just used TurboTax in the past.  Any recommendations you have are greatly appreciated.  Have a great day.

Thank you, I will definitely find a good one.  Thank you.

Thank you.  This is a large rehab, around 100k so the contractor will definitely need to be licensed and insured. Ive already turned down a few "handymen" who were telling me how they can get around the rules and do the project without licensing.  

We will be pulling permits for Electrical, plumbing, rehab, roof and septic system.  

Do you think it would be worthwhile to meet with the CPA soon before we start making large purchases or can it wait until tax time next year assuming I keep good documentation?  

Hello BP,

I have finally started taking big action and not trying to have the whole process figured out before moving. I have just gone under contract on my first investment property, and will be flipping it. I have read J Scott's book on flipping houses, and have followed that as a step by step blueprint. I have budgeted an extra 20% on rehab because I know unexpected things will come up. What are the biggest things you wish you knew while doing your first flip? What are the things to look out for that may not be as obvious as contractors not showing up etc. I am using hard money to purchase, and set up an LLC so I could get the loan. Now that I have an LLC that I will be purchasing the property in, what kind of stuff should I be doing to prepare for taxes etc. I am a W2 employee that makes about 70K per year, so this is all new for me. Im very excited to get started, and for the future I am building for my family. All your input is greatly appreciated. Have a great day!

@Will Norrell 

This is a guy I work with, do you have anyone you could recommend to him?  

Thank you all for your input.  I have gone over numbers and using an actual spreadsheet and the rehab will actually be around 40K not 20k.  I think it will be time to pass on this property and keep my eye out for the next one.  

Okay thank you for your input.