All Forum Posts by: Walt Payne

I have not heard of doing that (not an appraiser) but it sounds like the logic the city of Philadelphia used for tax appraisal. I'm not sure if they still do it, but the first three years of appraisals were based off of the sale price. If you paid that amount it was hard to deny the value being at least that. The logic here might be a reverse of that, stupid as that would sound.

Congratulations. Great buy!

Another suggestion I have seen is to arrive early. Use your cell phone to text a picture of their car (and include them, if possible) to yourself. This provides a record that will be found, if needed. Wait in your car just long enough to be noticed, then apologize for the delay and tell them that your husband, or bf, insists that you send him a picture when meeting strangers, for safety reasons.

This will not 100% protect anyone, but it greatly reduces the risk since it increases the chance of them being caught. 

@Jacob Patterson You should not be paying SET on all of the income, anyway. I am not an accountant, but you need to ask about using a LLC that is taxed as an S-Corp for flipping. Only a "reasonable salary" need be taxed at SET rates.

Lots of other things you can do to reduce even that, such as having a self directed 401K. Talk to a real estate savvy CPA quick, before the end of the year hits and it is too late!

@Steve Dorman 

Flips are lucrative but carry a certain amount of risk and a large amount of work. It also does not have the same tax advantages of other investments. 

Buy and hold is less risky but also a fair amount of work. But at least it does qualify as passive income and has tax advantages.

With the amount of cash you will have available why not look into one of the more passive investment platforms? Something like note investment, tax liens, or hard money lending. 

@Martin S.  Others have said it, some implied it ... but attitude goes a long way toward effecting how helpful people are willing to be. And to be honest, yours sucks. Ask, then start doing, but whining and being obnoxious does not win friends or assistance.

People wanting to sell a house for RETAIL list on MLS. People NEEDING to sell a house with issues sell to wholesalers, flippers and investors.

And FYI wholesalers come in all types, just like any other profession. Some are skilled, and provide value, some don't. Some know what they are doing, some don't. Many threads about that.

 Marketing. Wholesalers. Driving for dollars. Be creative. 

Have you looked in Palm Bay? 2% is possible there. Not beautiful stuff but there are decent neighborhoods with reasonable priced properties. Just check them out first.

@Steve Vaughan  I agree totally. It was the blanket generalization that Flipping = bad, hold = good that I disagree with. Both have their place, both have their risks.

Agreed. And I find it ironic that two of the strategies that require the most knowledge and investment to do it right, wholesaling and flipping, are the ones touted by gurus as the best to get into with no money and no skills.