All Forum Posts by: Larry Flanagan

What would you expect to pay to side an 862 sf ranch with vinyl, including soffit, facia, & wrapping all windows?

Here are additional details:

I am also employed full-time with a W-2 and 401k. My employer contributes 3% of my salary to the 401k, I contribute nothing, primarily because I don't want to put money in the stock market.

I run my flipping biz as an S-corp. I believe that it is set up where I take a salary of $1500/mo and pay SE tax on that, the rest comes thru as dividends.

Besides making less money, what are some good ways to reduce my income tax bills? I mostly flip & wholesale, so my income is primarily taxed at short term rates. Between state & federal last year my tax bill was over $50,000. What IRAs, 401k, SEPs, 529s, etc should I be utiltizing? Buy a rental property with high depreciation? Any other ideas?

Ha, no its a single family house. It is built across two lots. Each of the lots sold separately at tax sale a couple years ago. Retail value of the house is around $100,000. I can pick up this 1/2 for under $5,000.

Yes we are talking about paying peanuts, a few thousand $$.

I have a guy that wants to sell me a property that he got at tax sale. The property has a detached garage and 1/2 a house. The other half is on the lot next door and is not included...

https://play.google.com/store/apps/details?id=com.intsig.camscanner

Heres a funny call i got last week. This is from a totally generic "We Buy Houses" postcard.

http://tinyurl.com/apk6zex

I have been approached by a small-time industrial subcontractor who needs a money partner. He has contacts that will provide him with steady high paying corporate work. But they dont pay for about 30 to 60 days after invoicing. So he needs me to provide $25,000 upfront to cover equipment costs, payroll expenses, insurance, etc before the first paycheck. After the initial paycheck is received the operation should be able to sustain itself. He will split the profits 50/50. I do not know this person and still have some due diligence to complete but everything seems above board at this point. What sort of business structure would be most suitable in this case? What other steps should I take to secure my interest?

The only reason I will sell to an investor with financing is because he will pay more than a cash buyer. It typically has to be at least $5,000 more or its not worth the hassle. I make the financed buyer put down at least $5,000 non-refundable earnest money so if they cant close I keep the $5k and then sell it to the cash buyer.