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.
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
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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
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
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.
Real Estate Attorney
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.
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.