Posted by Angel on July 17, 2002 at 15:40:51:
Good point regarding losing money while flipping. However, if I go down the wholesale flipping route I will probably have a loss for first year due to startup expenses and the fact that I am starting pretty late in the year. Hypothetically speaking, it could be a profit??? Anyhow, I will apply for “S corp” status to start out and see how it goes. At the end of my first year in business I will reevaluate my corp status and determine based on my experience and how business went that year whether I should remain as an “S” or switch to a “C”.