All Forum Posts by: Brian Egr

Do they offer a 20 Year am. with a 5 year fixed rate and a balloon at the end of 5? Instead of a variable from 6-10?

Which City in Nebraska are you looking in?

Welcome! 

Hi Colby, I'm going to assume you live around Offutt? There's a ton of good rental property in Bellevue around the base. I believe you also could get a VA loan with something like 3.5% down on a property, but you have to live in the property for at least a year. But you can buy up to a 4 plex with the VA loan, live in one unit and rent out the rest.

@Brandon Hall Is there an option to avoid paying all that tax? 1031 as much as you can?

OK, so that sounds like they add self employment tax in on top of everything?

OK, thanks for clearing that part up. So I'm operating under as a S corp, and I have a regular day job, so the taxes from the LLC will just be taxed at whatever rate I end up at when all my income is added up at the end of the year, right? Profits added as income to my 1040 with a K-1, is that right?

Here's my scenario, I just started flipping this year, I'm flipping under an LLC, I'm on my second flip - first one went well second one is going OK. I will own the second property for about 4 months (hopefully, its not sold yet - flip is in progress) the first property was owned for 7 months. I'm giving this information because every time I ask this I get different answers based on length of owner ship etc... So its a basic question, how much will I be taxed from the IRS on the profits from these two flips next year on my taxes (% wise). Isn't flipping under an LLC like running a normal business where the tax amount is total year sales - total year expenses = profit, then taxes are profit x tax rate? I've had people tell me the profit for each flip is taxed at the capital gains rate, but wouldn't that apply if you are flipping under your person and not a business?

The short answer is the statute was written that way because of a strong real estate lobby.  It’s statute 76-14 if you’re looking for some dry reading.

I have a couple I can DM you.  Why did you buy in Lincoln from California?  I’ve been seeing a lot of that lately.