All Forum Posts by: Rocky Li

First time posting here. You guys are really nice, and BiggerPockets is really an active place.

thanks

Michael,

Thanks for the response. We are more trying to fix up and sell, i.e. flipping. I know I have to work with my partner to figure things out. But I would love to know the typical practice.

If I am not a broker and my partner is not a contractor, things would be much clearer. We just pay commission and rehab labor as cost. Being broker and contractor ourselves seem to complicate things a little bit.

I will be starting to flip a property. I heard many saying that we should buy the property using a corporation, and not our own names.

Plus I am buying the property 50/50 with a contractor. Should we put my company and his company both on the title? Or my name and his name? or my name and his company? .... (You might already guess. I haven't registered my investment company yet.)

Any suggestions?

I am a real estate broker, and I am partnering with a contractor in flipping a property. We put 50/50 cash to cover the purchase and rehab cost. I am responsible in finding the property and take care of buy/cell. He is responsible for the rehab. Should we:

1. pay me commission and pay him the renovation labor and the split the profit;

or

2. don't pay me commission and don't pay him the labor, and don't count these as cost. Just split the profit.

Any suggestions are welcome and appreciated.

My wife has been quite successful as a realtor, and I am thinking to join her, but more from an investment perspective. Without a full-time regular job, we need to buy health/dental/vision insurance for ourselves.

I am sure a lot of guys here on BiggerPockets went through the same somewhere in the investment career. Anyone can share your experience in terms of what insurance we need to buy? Any recommendations on a good insurance policy?

I live in Fremont, CA, and my wife and I are in the late 30s and have two boys, 8 and 6.