All Forum Posts by: Chad Shultz

Joshua,

Always pay yourself something, so there is a reward for what you did. The rest will depend on how you are structured. If you are an LLC, do you have "S-Corp" status? Are you Inc.?, etc, etc. The amount need to set aside for taxes will depend on what bracket you fall into. You don't want to set 15% aside, if you are in the 28% bracket. My personal approach has always been, if I don't need the money to live, I put most all of it back, so next time I can do two deals at once, rather than one.

Nice work Daniel.  I hope you really put in a good effort on your flip, so you can start off building your personal "brand" as well as making money on a "flip".  Believe it or not, your reputation will soon follow you, especially if it is not a good reputation.  I like to be fully involved in my projects, so as not to allow shoddy work, which could eventually make me look bad.  Contractors will come and go.  To answer your question, about finding "unicorns" (as Gary mentioned) you should look into getting involved, or joining, your local Investors Association.  There are many, I am sure.  In your local association, you will easily connect with wholesalers, realtors, other investors, etc.  All of these are ways to keep your finger on the pulse of real estate in your area.  You might even find someone who wants to co-venture with you.  I currently have more than a dozen different avenues for finding deals where I live locally.  I am not personally trying to do a large amount of projects at once, but over the last three plus years, I have not run out of projects.  They always seem to come along when I am ready for the next one.  Of course, I am always looking for the next deal, but this will help you prevent yourself from making a poor choice and buying the wrong deal, just because you "must" have one to do.