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All Forum Posts by: Vilena G.

Vilena G. has started 13 posts and replied 50 times.

Post: Should I move into the my current flip?

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4
Originally posted by @Jean Sanchez:

Yes, you can always refinance and pull out the money. The taxes won’t hit until you decide to sell. If your sell your homestead as a single tax filer you can exempt 250k in profits from additional income tax (500k if you’re married and filing together). Ask your tax filer to confirm the length you need to stay at the home. We have a friend who sold it after only 13 months and was able to claim homestead and avoid tax on his profit, but we have always been told 2 years. Wishing you luck on your flips!

Thank you for your opinion and information, I would check on all the tax and etc. I really appreciate you help! 

Post: Should I move into the my current flip?

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4
Originally posted by @Jean Sanchez:

@Vilena G. If you can hack living in the flip for 2 years (perhaps stay there and work on another flip), you can avoid paying a large percentage of your profit to the feds in taxes. Not sure your tax bracket or the profit you are shooting for, but if either is large you should consider it. File fir homestead ASAP when you move in.

Ok, sounds like a plan, and how do I take money out from the house so I can invest in other deals, refinance when it's ready?

Post: Should I move into the my current flip?

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

Post: Should I move into the my current flip?

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

Hi Biggerpockets family!

We are remodeling a flip, it's a big project and with all this virus going around doing a lot of job at the house ourself. We need at least 2-3 months to finish the house, and my lease at the place I am currently renting is expiring in 2 months. So now my thoughts are:

1) Renew my lease for another year, continue living there and finishing the house (paying the rent and plus holding cost for the house until it sells)

or

2) Finish my lease and move into the house, finish it and live there until it sells. While saving money on rent somewhere else. As soon as the house sells move out. 

Thanks everyone,

V

Post: How to start an LLC for a flipping a properly

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

Thank you James, yes, I have a partner we both are partners on this house, but everything is under my name.

Post: Need a roofer/roofing company to check my roof leak

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

Hello BiggerPockets family,

We are flipping this house and we have a flat roof and there is a leak.

Does anyone can recommend anyone. We got a bid from one roofing company and they came up with 7K, but there is one leak and I am sure they are just trying to take advantage.

So now I want to ask if anyone can recommend someone or a good honest company who can take a look at it.

Thank you,

Vilena

Post: How to start an LLC for a flipping a properly

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

Hello BiggerPockets family!

How do I start an LLC?

Purchase a house and flipping it and need to put that into LLC.

Do I need a lawyer to set a contract how our LLC would be operated or we can do that contract ourself?

How do flippers set their LLC while flipping that property?

thank you!

Sincerely,Vilena 

Post: Where do flippers buy their kitchen cabinets and bathroom vanity

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

Thank you! 
Plano is very good and pretty expensive neighborhood, 300K probably average.

I’ll check Lowe’s our! 

Post: Where do flippers buy their kitchen cabinets and bathroom vanity

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

Thank you Nathan!!!

Post: Where do flippers buy their kitchen cabinets and bathroom vanity

Vilena G.
Posted
  • Investor
  • Dallas-Fort Worth
  • Posts 51
  • Votes 4

I absolutely agree with you! I need high quality and affordable price, nothing cheap, just want to get a good deal on a good product!