All Forum Posts by: Matt Turbitt

search around on here some, this question has been asked 100's of times. Theirs posts, blog posts and pod casts about it. Essentially a flip is a house you never plan on holding thus it's profits become income so you owe the 15% self employment tax and income tax on the profits. If you are flipping many homes you'd set up an s Corp to lower your taxes and increase your eligible deductions.

Up work, or pat live are both plugged on the podcast and bp says they use them.

Sue, I'm not looking to clutter her thread Multiple people in this thread have all said similar things, 'it's a huge pain to evict her in CA.' I agree, it is and it's what your seasoned to and screen based on. My point is simply that it's not that way for most of the rest of the country, and thus the fears don't carry the same weight or merit. 

honestly I wouldn't be worried. She is your tenant. He is not, not until he moves here and signs the correct paperwork. Unfortunately the self employed and passive income world often forgets what it's like in the w-2 world. You always always make sure your ducks are in a row before your employees knows, and his ducks are not lined up thus he doesn't want his employees involved. Also, for all the CA folks remember evictions in the Midwest are about 15% of the hassle they are in CA so the grave fear is not needed.

As previously covered...Assuming it's your residence and you make (I think its) under 100k/yr then yes it's tax deductible. Any software or cpa will walk you through it. You'll receive a form from your mortgage entity that lists what you paid as well.

With flips you would be on the hook for the 15% in self employment tax and the income taxes on the profits. Once your flipping multiples you'd want to set up an s Corp for flips and llc's for rental. Listen to the podcasts with the bigger pockets cpa, it's like 11,43ish and 155ish she covers this area and why you'd go one way vs another.

this happens alot in college towns. The best thing to do is to check tenant 1 out and tenant 2 in just as you would if their was a vacancy period.

The back up option is to have the new tenant sign that they are accepting the original condition report.

The first step is to come on BP, go to the search bar and type 'first flip'. Then spend your first week reading and learning

that's just not worth it and is full of self promoting shady actions. You don't need a service to find 0% cards. At that point you may as well just pay 14% to a hml

you should listen to BP podcast 179 it's great for stuff like this from a guy who came from a collections world into rentals.