All Forum Posts by: Michael James Brooks

@Manolo D., I'll definitely keep that in mind. One of the contractors quoted me $15k for new cabinets/doors in the master bathroom.. The other quoted me $100 to remove 9 screws and $3,000 to remove and reinstall an existing drain that cuts across the patio. They both over quoted in different areas. 

Side note, what's a reasonable price to pay per sq ft for granite or Quartz? 

@Alex Craig I'd love to know who you used to install the flooring and cabinets. The last person I got a quote from went ridiculously high.

Thank You,

I'm looking for a few subs in Little Rock, AR. I've spoken with two contractors in my area so I don't have to be too hands on during the rehab process but their quotes aren't realistic. So does anyone have recommendations for good and reliable subs. I need the following done:

Flooring installed
New Cabinets in bathrooms
New counters installed
Paint
A new wall needs to be built/no electrical work
HVAC
Back deck needs to be restained

Any recommendations will be greatly appreciated.

Thank you,

I would like to see the list of properties in Arkansas

I'm looking for referrals to Contractors, Appraisers, and Inspectors for the Little Rock, Arkansas area. If you have a team of Sub Contractors that would also be fine. I need to have an appraisal and inspection done on property in the next 1.5 weeks. 

Also I need references to sub out work for:

Floor replacement, (need new hardwood installed). 
A few rooms need to be repainted and have crown molding installed.
I need to have the back deck re-stained and repaired.
There are some drainage issues that need to be addresses with the french drainage system that is installed in the concrete patio out back. 

If you have any recommendations can you please post their contact info and maybe some before and after photos of work that they have done? Also I need them to be licensed and bonded, If they're not licensed, and it's cost effective, I might be willing to pay for them to become licensed.

Thank you BP members for any feedback!

@Linda Weygant, I'm an auditor and I'm vaguely familiar with taxes. The questions I'm about to ask might seem silly but I might be able to ask the right questions to help people.

1.) With an S-Corp being a flow through entity, are the profits of the S-Corp only taxed as they're passed through to the owner? Or for example an S-Corp with a Dec 31 Year End, YE, has a pretax profit of $50,000. If the S-Corp elects to not distribute the earnings to the owner(s), does the S-Corp pay taxes on the $50,000 in profit? 

2.) In a BRRR strategy, if an S-Corp whose owner/investor has a strategy of combining BRRR and Flipping by Buying, Rehabbing, Renting, and then selling after 1 year, can the S-Corp and Investor take advantage of the lower Capital Gains Tax rate because the property was held for longer than a year making it a Long-Term Investment?

3.) In a BRRR strategy where you elect to hold property for 5 years, at a minimum, due to the new changes in the Federal tax code, can an S-Corp avoid built in gains taxes on properties held for a minimum of 5 years? Or is this only available to Corporations who are converting from a C to an S-Corp?

4.) If your S-Corp produces $200,000 in Pre-Tax profit and you want to defer paying taxes by reinvesting the $200,000 does the following scenario fulfill the requirement? (Note: This question is here to help investors who want to maximize liquidity: Say you purchase 2 SFH's that cost $100,000 each, ($200,000 total), and get 2 mortgages with 20% down, ($40,000 in total Down Payments, $160,000 in Mortgages Payable), does this satisfy your reinvestment requirements? This would allow an investor to keep $160,000 of cash liquid for reinvestment at any other time.

Background and a Spot for Keywords to gain attention:

I have plenty of other questions and work for a company in Arkansas with 150 CPA, of which 100 are in the Tax Department. I could ask them but decided to use the forum to hopefully help other's with questions. If an other CPA's, Certified Public Accountants, with Real Estate Tax experience, please feel free to chime in.

Welcome to the BP community @Torrence James, I'm also an investor in the Little Rock area! I can finally call myself that because I closed on my first deal this week!! I suggest going PRO, listening to the hundreds of Podcast hours available, catch up on past Webinars that may interest you, and get to analyzing deals using the investment calculators. This website can be super helpful in your journey to becoming a real estate investor. 

@Account Closed When and Where is the next meeting. I went to the website but didn't know what to search to find the meeting.