 Can your landlord do this? |
| i live in an apt. with a carport with storage. well they are re-doing the carports and asked every one to take there stuff out. ok i did it.and i put my stuff on my patio. but now they gave me and 3 ... |
|
 I have been hearin that mortgage companies have really tightened their grip? |
| with approving mortgages,,,,even people with excellent credit and have ability to pay are being denied,,,,anyone professional that knows if this is true and why this is happening,... |
|
 House not selling, is it the price? |
| I live in Baton Rouge in a great area and have my 3 bedroom 1 bath home listed at 155,000. I have shown it 3 times. and has been on the market for 3 weeks. Need some honest advice. Address is 4068... |
|
 If my landlord fails to keep the pool operational can I get a rent discount or out of my lease? |
| I live at an apartment complex in Texas. May in Texas means HOT HOT HOT, and HOT means I want to use my pool. One problem with that is the fact that the pool is locked. When I called the apartment ... |
|
 Is there any law that states a bank cant short sale a property to a family member? |
| A friend's home is in jeopardy of foreclosure and he is trying to divorce his wife who lives in the home. Their daughter wants to purchase the home through short sale but Bank of America told ... |
|
 A complicated renting question...? |
| I have been renting an apartment for a year now.. and I just cant seem to afford it, so I gave my notice a month ago, and I'm moving at the end of this month... The problem is I can't ... |
|
 How much mortgage could i get on a salary of £24,500 and what would the monthly payments be? |
Here some details about me for info:-
I finished uni last year with a degree in accounting. I am now earning £24,500 as a trainee accountant and once i become chartered this wll increase.... |
|
 Should we buy a condo?? |
| My husband and I rent a kind of run down house with a landlord who refuses to do anything about our leaky basement and mice problem...We can't afford a nice big house right now--but, we can ... |
|
 Pouring water off a Balcony, is this illegal? |
| I live in an apartment (condo complex where I am renting) and a person in the unit above me has twice poured water off their balcony onto mine. Fortunately I wss not on mine at the time. I am going ... |
|
 Can i rent my house to a friend on benifits? |
| I have a house which is not in use and have asked a friend if she and her children would like to live there, can i rent it to her even though she is on benifits?? and still have my mail arriving at ... |
|
 For those of you who have lived in an apartment, what were your worst neighbors? |
It's story time, so let 'em rip!
what crazy or awful neighbors have you had?... |
|
 Downpayment dream shattered... what to do? |
Hey all, me again.
I was expecting a hearty tax return this year... last year we scooped up $7,000 and I was expecting the same this year, at the *least*, to function as a home down-... |
|
 Landlord/tenant How do I throw her out? in Florida? |
| I own a house and helped someone out, and let her stay in a spare room. I dont live in that house, I have another house. I need to get this women out. Since she moved in there are roaches in my house ... |
|
 What can you do with empty land? |
| I bought 7 acres of land, beautiful country mountain land with several nice home sites, bordered on two sides by national forest. I do not live in the area yet and I'm looking for ideas to ... |
|
 Is it illegal for my real estate agent to force me to use his lender instead of builder's lender? |
| Trying to buy a townhome in Orlando. Realtor is almost refusing to show me new townhomes because he says I would have to go through the builder's lender and I don't have good enough credit.... |
|
 What happens if I sell my house for less than I owe on my mortgages? |
| Let's say I sell my house for 150,000 - but still owe 160,000. Do I have to pay that 10,000 right away? Can I roll it into my next mortgage?... |
|
 Can you get out of an oral offer to purchase home? |
| I'll try to make this short. We do not have an agent, seller does have an agent. His contract with his agent expires in 2 months. We orally offered "X", seller accepted, and we ... |
|
 I am a licensed real estate agent. My ex-wife is purchasing a home; I am her agent.? |
| As far as disclosures goes, would you not say anything or just disclose "buyer is related to agent" in the purchase contract?... |
|
 Rental with no security deposit. Left in clean condition, but landlord finicky wants money. What's the redress |
Rental with no security deposit. Left in clean condition, but landlord finicky wants money. What's the redress.
Landlord is saying it is not clean here and clean there. I pressured ... |
|
|  |
Hammond, of Texas | All these flipping shows? |
OK,
so there are all these flipping shows now.
Buy a property for 500,000
Put in 50,000
sell for 900,000 in 4 months.
and they say the person made a 350,000 profit.
but that is not reall true? right?
don't they have to pay big taxes. because they did not hold on to the house for 2 years?
dont they have to pay for sales tax?
anyone know in this scenario what else would be paid out?
thanks |
 |
 
Gitchy gitchy ya ya da da
|
Be wary about the "don't have to pay tax" thing -- the ONLY way to avoid capital gains tax under current tax law is to live in the house as a primary residence for a minimum of 2 years. That can be off-and-on over a 5-year period, but still must be 24 months (although the IRS can grant exceptions under certain conditions).
Anything else is tax DEFERMENT. You may not have to pay the tax this year, but you will have to pay eventually.
I do a couple fix-and-flip deals a year. I don't bother with the tax games; if I pay now, I know how much I have to pay and I get it out of the way. If I play games, I know I'll have to pay later but I don't know how much. Probably a higher rate, so I'm better off paying now.
The deal you mentioned -- 350K return on 550K in 4 months -- can I have some of that to fertilize my lawn?
A more typical deal would be buy a bank repo fixer-upper for 90K, put 20K and a lot of hard work into fixing it up, selling for 140K. Add in closing costs, realtor fees, and finance charges, profit before tax is about 20K. Figure about 4-5 months start to finish if all goes well.
This is not a get-rich-quick scheme. It's a great way to make some supplemental income so you can drive a nice car and eventually retire debt-free, but don't count on buying a yacht tomorrow. |
|
Issy
|
To flip successfully you MUST study your market trends for at least three to six months. Go to www.realtor.com and pick out a few listings in different neighborhoods. Monitor these listings to see how fast they sell, that will give you a good idea of a desirable neighborhood. Its better to wait and buy one house that will sell within 3 months..then buy 3 houses that will sit on the market for 6 months. Flipping is not about volume, its about a quick sale.
Example: Purchase a $70,000 house that only needs cosmetic work in a $250,000 neighborhood, be prepared to put in about $50,000 to bring it up to neighborhood standards..then sell for $250,000 and you'll profit a little over $110,000 and be able to purchase another flip house. |
|
bianca
 |
i also watch those shows.
in my understanding from total profit they deduct everything like real estate commission, legal fees e.t.c -except taxes.
those depends of the flipper situation- if he wanted to buy more properties or just simply pay his capital gain tax or maybe something else. there is many ways to avoid to pay those taxes- talk with your CPA they will guide you |
|
billysimas
|
most of those are exaggerations, they make it seem easy. It defintiely can be done, but you need to work hard at it just like anything else. Those companies are all just about marketing, nothing else. You can get all that info for free, they just cater to total novices. |
|
rltouhe
|
You have to have been doing this for a while to start even breaking even. |
|
mamasbooks
|
You're right about the two years. If you sell a property in less than 2 years you pay capital gains tax. But, these houses weren't bought to live in, so they are investment property anyway. But, if you're in the right market and you can get the people to work on the house in just a few weeks and then sell it right away, you can turn a nice profit. The scary part is if the market slows down on you and you are left making payments on the house. They make it look easy on TV. I would do it if I could buy it really cheap and I knew a lot of construction workers, but I don't so I won't. |
|
satarnag
|
There are ways to shelter yourself. For example, some investors are putting their money into a real estate IRA account and using that money to purchase property. They then take the profit from the sale and put it back into the IRA. The profit now becomes untaxable.
Regards |
|
Searchlight Crusade
|
Flipping or even fixing with that kind of profit is rare, and more so in this market. The properties with those kinds of potential never get as far as MLS - the listing agent or their broker buyes them, pretty much every time.
Those shos are likely to represent the best deal anybody ever did as typical. They are not. You might chect out John Reed's Rate the gurus page at http://www.johntreed.com/Reedgururating.html (Not a general endorsement of John Reed, but only of his guru ratings) |
|
cheerbabe104
 |
Most of the people that do that sort of thing are realiters that can get around taxes and all of that b/c that is their job and everything. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 15 minutes(s) ago
| | | |
9 | 35 minutes(s) ago
| | | |
9 | 54 minutes(s) ago
| | | |
10 | 1 hour(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 5 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 11 hour(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
