All Forum Posts by: Johnny Duke

@Brian Bradley wow, that's a lot to consider. Thank you very much for the information. I'll have a lot to roll around with the CPA and see if he knows the ins-and-outs and all the options. I'll check out the podcast too. I may IM you after the meeting if there's something not sitting right.

Thanks again for taking the time to explain things.

Johnny

@Jerel Ehlert I wasn't aware of that. Thank you. I don't currently understand the implications of state vs federal taxation on businesses and which is best for me, but it's good to know moving forward.

@Brian Bradley good information. The first recommendation I ever got was to set up my entity in Nevada, but it wasn't really explained at the time. So is the bottom line that these states enable businesses to save more money when it comes to taxes, while also allowing me to set up individual LLCs under the parent company to have more protection? 

Also, since I'm an Oregon based GC, can my company be based in a different state? 

And lastly: what is the "AP" in AP jurisdiction

@Eric Bilderback PM sent and thank you for the response! Also do you operate in Sister's only, or do you also get out to Redmond/Bend?

@Karen Margrave I haven't searched for any Bend CPAs or attorneys yet. I wanted to check here for a reference before hitting up the google machine. And thanks for the reminder - November 1st should be the next meet up then, I'll plan to be there where ever it may be! 

Hi everyone, 

We are gearing up here in Oregon to re-brand and reestablish our business. I (Johnny) have been operating as a sole prop and carpentry subcontractor for the last few years, but am planning to move into flipping, remodels, new construction. Seems like I mostly see people listing the benefits of LLCs, but I've heard that there are also benefits to S-corps for short term holdings (eg buying a property to flip). 

I know there's not a one size fits all solution, but:

1)  What do most people do when it comes to creating an entity for flipping or other construction operations?

2) I would like to talk to a local CPA or real estate attorney, is there anyone in Bend Oregon or Redmond (trying to light up those keyword alerts) that recommends someone in the area?

Thanks community,

Johnny Duke

That’s awesome! Congratulations!! The interior looks great!

Interesting! Is that full recovery/gain just due to property appreciation and a higher demand for housing?

Can't delete posts huh..... I guess I'll just leave this informationless edit here.

Joshua from Olive Branch! I'm from Memphis originally and went to school at Ole Miss. Katelyn and I have been living here since 2013, so welcome! Honestly, I'm curious to see what the other, more established and knowledgeable BP members have to saw about the market here in Bend, but I've got some general feedback: 

Prices have been steadily on the rise for quite a few years now and there was/is a "housing crisis" due to the high demand and low supply. Developers have been picking up and I believe the median price for homes dipped a few thousand dollars for the first time in years (from $424,000 to $415,000). 

Since 2012, rental vacancy seems to hover around 1% , but my understanding is that Bend isn't the best place to buy and hold due to the high price of homes and the relatively average price for rentals. It seems you can still cash flow if you run the numbers correctly, I just think the ROI isn't quite what people are looking for.

As far as the future goes: Bend is planning to keep growing. City is trying to increase the density rather than expand the UGB. And the college is going to go into full swing soon, so that should be a population burst. There's also Redmond up the road that is growing quite a lot, but hasn't reached the same prices as Bend yet. 

There's also a BP meet up tomorrow! We won't be there because we are leaving town, but it may be a great time and place to get some more info! 

https://www.biggerpockets.com/forums/521/topics/56...

- Johnny