All Forum Posts by: Charles P.

Hello all, 

The Jist:

Bought single family house in 2008 for $93k, rented it out til May 2016

Renovated house for around $12k and sold for $145k in Nov 2016

Previous tax returns say I have accum dep of $26k

Before I head out to an accountant, am I going to have a big tax hit?

House in GA

TIA

We would buy homes all cash and renovate all cash. I have never done deals all cash. Is there some sort of documentation we should have to show how things are divided, like profit? Should we start a company? I would like to flip one house and see how it goes.

Not sure ...we're both going to have about 100k to invest.

Looking to go into residential real estate flipping  with new partner. This will be our first venture. What is the best way to approach this financially to protect our own interest?

I'm going into my first partnership in residential real estate flipping. Can anybody give me some tips on keeping myself safe financially? TIA

Hey David,thanks for the info. Im looking to borrow. If I could find a way to start back today,I would have no cash reserves. I do have a rental with equity in it. I dont know if that could help me or not. 

I'm looking for a good PML for investing in the Atlanta area. What companies have you had good experiences with?

I'm wanting to have all options of buying real estate including auctions. I've never been to an auction in Georgia, but I assume you need all cash. I will be looking at houses for sale that exceeds my cash reserves. What is available out there? Is there loans from conventional sources that I can use other than the standard mortgages, does hard money provide you with cash up front?

A little background...I own a rental and a personal residence. I have flipped one house right before the real estate crash in late 2007. My rental has appreciated since 2008 when I bought in and I plan on renovating and selling for a good profit. I'm selling my own house and because of great location and renos I should make a good profit on this as well. If all goes well, I should have $90,000 in the bank after finding a new residence with down payment and all expenses paid off, etc.

Question is...with $90,000 in the bank, what is the best way to finance deals? I would like to also buy houses through auction. Thank you

P.S.-I used hard money on that flip I did in 2007

Quite frankly, money. I have a full time job and I know the popular answer is go to real estate clubs, but I feel uncomfortable doing that. I have a rental I think i'm going to sell next year to get the money to start flipping again.