All Forum Posts by: Account Closed

@Jonathan Taylor Smith

My understanding of "off-market" is exactly what you were implying. I will have to seek out wholesalers and try to network more. Thanks for your advice! - Blessings

@Tarl Yarber I live in (southeast) Pennsylvania. 

@Jonathan Taylor Smith

I keep hearing about off-market deals; what is the best advice you would give to someone still scratching the surface of the basics of buy and hold and flipping?

@Tarl Yarber

Thank you so much for that insight. After reading your response I feel as though I am on the right track. Leaving out the intention of flipping 2-3 houses this year and trying to find and buy two 4-plex's is ideal. However, I want to start off flipping houses but wanted to be wise with the way I set things up initially so it would feel like a waste later as I grow. I do have a business bank account with money just sitting there until I am able to figure out what I will do to get started. I am currently trying to find a good solid realtor to start working with. I felt starting an LLC may have been premature initially, but I felt that paying those fee's would make me look like a legitimate business.

Again, thank you so much for sharing your thoughts with me! 

@Eamonn McElroy

Thank you for your insight! I failed to add int here that I do have a property that I should be closing on this month as a flip and plan to do at least two more this year as well as buy two multi-family 4-plex units.

Hey, Bigger Pockets Family!

I am just getting started in my real estate investing journey and working to lay a solid foundation in wisdom and knowledge. I believe it is wise to develop a general (if not thorough) understanding of what I am getting involved with. I am currently reading through Brandon Turner's Rental Property Investing and have a few others. In light of tax season, I felt it would be a good idea to seek out guidance, insight, and wisdom to be prepared for next year's taxes. I have come across (like many of you) conflicting information. I have read about people having numerous bank accounts, 6+ LLC's, putting properties right into a Trust, operations LLC, creating an LLC but taxed as an S-Corp, etc.

I am very confused as to where to start. My initial plan was to create an LLC and then I started to do some research and came across a former IRS agent who has a YouTube channel sharing a plethora of information. Although premature, I felt an S-Corp was going to be my ultimate goal. I wanted to start to plan and prepare now to have a clear vision to ensure I am working toward my goal. Now tonight I have recently learned that an LLC can be set up and taxed as an S-Corp. This all sounded fantastic until I read that information here on Bigger Pockets that conflicted with the aforementioned desires. I have also looked into a Series LLC, but my state does not currently offer them. I believe the wise decision would be to set up the entity in the same state as the property. If anyone is willing to shed some light as to where to find a CPA who knows real estate, or a tax lawyer, a tax strategist, or is able to connect me with someone of that nature here on Bigger Pockets that would be fantastic. Thank you in advance!