All Forum Posts by: John Voychick

has anyone done a split like this where they do 99% of the work? I'm starting to think 60/40 split is a little low for the work I'm putting in....

how expensive is it to draft something like this?

I will be getting into my first sfr in florida this year.  We live in California and have decided to split profits 60/40 as I will do most ofthe work. 

I don't know where to start when it comes to structuring a contract for a buy,  renovate, sell in a year. 

Does anyone have any suggestions where to start?

This is all super helpful. I'm still a little conflicted about LLC.

In Florida, the advice I got was a single member LLC does not help w asset protection.

I'm going to be getting an umbrella policy.

Now, with my first house likely a flip, am I going to get gauged with taxes if we sell in 3 months? Or is there a way to reduce that huge hit.

I thought an LLC might help avoid the self employment tax.

I have read a lot but am still unsure. 

I live in California,  investing in Florida. 

Which state to register LLC in?

I will be flip and sell and flip and hold. 

I have a regular w2 day job making 90k.

How will LLC help my taxes specifically? In both hold and flip?

In Florida, LLC doesnt seem to add much asset protection.

Thanks for helping a newbie!

marelyn,  do you use property management? I have vetted 8 and have narrowed my search.  Thanks for the 3bed vs 4 recommendation. 

that's super helpful thanks.  I still have so much to learn.  I wonder if I'll ever fully feel comfortable to pull the trigger

does anyone have any success flipping houses in Memphis?

I'm about to get started on my first flip for BRRRR and was curious about what price points people feel would be safest for first deal. Yes I understand the 70% and 1% guidelines. Feel free to PM if you would be more comfortable.

I would really appreciate anyone's 2 cents. 

does anyone have any suggestions on how to gauge after reno appraisal value. I'm just getting into investing and am learning the market. 

My plan is to BRRR and cash out refi and it's important i'm getting at least a 25% increase over my investment. Any advice would be super helpful.

Thanks!

Well,  I've been looking into memphis for a while now.  I've had many conversations with tk providers and will be headed out there in a couple months.  But then I thought,  why not cash out refi so I can do more deals. 

In Florida,  I was thinking Ocala where my parents live. 

If these numbers are too tight,  what are more realistic numbers I should be looking for. 

(I'm new at this.  Any info helps)