All Forum Posts by: Harry Williams
Harry Williams has started 36 posts and replied 129 times.
Post: How much are you profiting flipping homes in Atlanta?
- Atlanta, GA
- Posts 130
- Votes 29
I am purchasing a home and financing the rehab with a partnered developer who manages the entire project. Profits are to be split 50/50.
$350,000 purchase price
$60,000 rehab price
$520,0000 ARV
$83,600 total profit before split & taxes
Post: Flip house not selling
- Atlanta, GA
- Posts 130
- Votes 29
Looking forward to seeing the numbers. Congrats on the sale. I live in Virginia Highland.
Post: I am funding a flip. How should I handle expenses with builder?
- Atlanta, GA
- Posts 130
- Votes 29
OK, so the points I could get on my credit card would not be worth it?
Post: I am funding a flip. How should I handle expenses with builder?
- Atlanta, GA
- Posts 130
- Votes 29
I have a separate business account set up for my LLC. Should I reimburse him with checks for materials over the course of the project or should I give him a debit/credit card to make purchases for the project and watch them? What about receipts?
Post: Should I get an accountant to manage finances while flipping?
- Atlanta, GA
- Posts 130
- Votes 29
Originally posted by @Jeremy S.:
I don't believe that is necessary. I opened a dedicated bank account for my last flip and purchased all materials with that debit card. It made accounting very easy and I'm able to just give the final figures to my cpa at tax time.
OK, great. Thanks. If you were to flip additional houses down the road would you open up a new account for each flip or just use the same account for all flips? Wondering for organizational purposes.
Post: Should I get an accountant to manage finances while flipping?
- Atlanta, GA
- Posts 130
- Votes 29
I am about to flip my first home. Should I employ a CPA or accountant to manage the expenses?
Post: Do I need a real estate attorney at closing?
- Atlanta, GA
- Posts 130
- Votes 29
Also, I am in the Atlanta, GA area.
Post: Do I need a real estate attorney at closing?
- Atlanta, GA
- Posts 130
- Votes 29
Thank you for your response. An attorney did create the development/operating agreement for me and the builder.
Post: Do I need a real estate attorney at closing?
- Atlanta, GA
- Posts 130
- Votes 29
I am the private lender for a builder. We are flipping a home. Do I need to have a real estate attorney at when buying or selling the home?
Post: Private money lender
- Atlanta, GA
- Posts 130
- Votes 29
Originally posted by @Yulanda McAllister:
@Karen Margrave Thank you for your input. I have been listening to bigger pockets and audible books for several months now. I've read several articles on private money lending. I'm aware that I should put a lien on the property. I have the opportunity to make a 25% return and not sure if I can pass this up.
@Yulanda McAllister, would you be so kind to share your favorite articles on private money lending? Thanks