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Flipping houses in New York City

New York, NY |

Hi, I am planning to get into flipping business in NYC area, how can i get into and what sort of capital do I need.

Attorney Answers 4


  1. The first thing you need to do is get with a tax attorney who knows how to set up the proper vehicles to use for this venture. Second, you need to have significant capital, enough to purchase and to run these ventures. Third, you need experience and expertise to be successful especially in this economy.

    For a discussion as to the choice of legal entity to use for business see http://www.sjfpc.com/choice_of_legal_entity.html.

    For a discussion of Pennsylvania LLCs and Real Estate see http://www.sjfpc.com/llcs_estate_gift_income_tax_planning_advantages_legal_protection_real_estate.html

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website is www.sjfpc.com. and his blog is <http://frommtaxes.wordpress.com/> Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.


  2. You have picked a market that is saturated with speculators you would need substantial capital the range would depend on what you are looking to buy but it would be at least 500k most purchase thru auctions or short sales done with brokers if you contact my office I can provide you with the names of a few brokers

    Call for a free consultation any time 718-263-6800. We are here to help


  3. You should consult an attorney or CPA to ensure that you have set up the proper entities for this endeavor.

    Best of luck!

    Andrew B. Gordon , Esq., CPA
    Gordon Law Group, Ltd.
    847.580.1279 | ABG@GordonLawLtd.com
    www.GordonLawLtd.com

    Andrew B Gordon is a CPA and attorney licensed to practice law in Illinois. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.


  4. What you need to do is get a good attorney, establish a good relationship with a lending institution (ideally a local bank since large banks like BoA or Wells are very inefficient and tough to deal with) establish an LLC to protect yourself from liability and for flipping homes, you'll need some substantial capital.

    I've worked with commercial loans for a few of my clients that are lending institutions and it really depends on the property and the amount you're looking to finance.

    If you have any further questions, feel free to reach out to me.

    Roman Tabatchouk, Esq.
    rtabatchouk@lawcrt.com
    800-583-1780 x503

    DISCLAIMER: This answer is for informational purposes only under the AVVO system, its terms and conditions. It is not intended as specific legal advice regarding your question. The answer could be different if all the facts were known. This answer does not establish an attorney client relationship. I am only admitted in New York and New Jersey. Visit my site for more information: www.lawcrt.com.

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