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 What is the best way to get about $30,000 for a down payment for a home? |
Additional Details
OK people,
I live in South Carolina and make $45,000 a year. I could save about $2,000 a year with no problem and can afford a $1,000 a month payment for a ... |
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jim0007766 | Is buying homes for back taxes a good idea, do you have to be a "handyman" to be able to make $ doing it? |
i mean buying ones cheap for back taxes that are older, and fixing them up yourself, or hiring someone to do that? is that a good way to make money? |
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Jim I
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It can be a good idea IF...
... you have a budget for doing the repairs and remodeling correctly, and...
... you have the money to cover the mortgage in case it doesn't sell immediately, and...
... you have a good market in your area for flipping a house.
The main thing with doing a fix-n-flip is to do one, and use the money to go on to something bigger, and keep going.
Keep in mind also the taxes that can be involved. I am fairly certain that if you purchase a house and sell it within two years for a profit, you have to pay capital gains taxes. |
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robert d
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people do this every day in the real world,you have to have some knowledge about realestate to make money though.I say yes that if you have some knowledge that you will be able to make money. |
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cool_coffee_chick
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Hello,
What you are asking about is commonly referred to as "flipping" a property. I would say that within the past 2 years markets all over the country have seen tremendous growth in terms of it being a "sellers market". People have been able to purchase homes for a greatly reduced price only to flip them and turn them into big profit. That being said, there is now a slow down of the economy occuring and the big profits and quick sells that were commonplace just a few months ago aren't so regular right now.
My recommendation to you would be to survey the areas you are looking to do this in and find out what prices homes are going for tto know what to be prepared for. I would also recommend that you call upon resources from people that you know to help you fix these properties. Really, they beauty of flipping comes from knowing people that can help you do a job for the least amount of money. Also, make sure you set a budget for making repairs and such and stick with it!
Good luck! |
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Mephistopheles
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It's a good idea but make sure you but a bargain and know how to restore it . |
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Eunice Melinda Saunders
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Hi, my name is Eunice Saunders and I know the answer to your question. It is only a good idea if you have money to burn...money you can tie up in an investment that may take several years to show you a profit. This type of investment property is very lucrative and very risky all at the same time...so if you have money that you can sit on and wait for it to make profit for you and if you are willing and able to fix problem properties or have the dough to hire contractors go for it....if not don't tie your money up in something that may cost you more than you can imagine. Good Luck! Visit my web site at: http://agentsaunders.listingbook.com |
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delta s
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Very good idea, you're paying little or nothing in back taxes you'll make a killing as high as realestate is right now. |
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SPLATT
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If you are into 'sweat equity' then it's a good way. If you expect most of the work to be done by tradesmen, then your profits won't be as large (or may not exist at all).
Also, if you use the house for yourself for several years (I think 3) then the capital gains are not taxed. The problem is that you have to keep moving every few years. |
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robert w
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Not a good way for you. Do you have an extra five thousand$ for problems. Do you have tradesmen knowledge? Are you going to live in the house? Do you have a good paying job and no debt? Don't do this on a shoe string unless you like losing your shirts. The bank wins either way.
visit DaveRamsey.com to learn what not to do. |
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doodlesmagic
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It is a good way to make money. If you can check out the houses first, I would. You would want one with a good foundation, roofing, and plumbing. These items are costly if you do not know how to replace or repair the items yourself. We have bought several homes and have made some good money. |
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fortitudinousskeptic
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For back taxes? I don't know what you mean by that.
Anyway, I own rental real estate. Don't get into it unless......
1) You're in it for the LONG haul (as in more than 10 years)
2) You ARE a handyman. Because you won't be able to hire most of the work that needs done, you'll be doing it yourself and doing it basically for free for a long time before you'll be able to pay someone else to do it.
3) You have the capability to deal with human excrement, vermin, and the endurance to reclean and rescrub every dwelling out every time someone moves so you can rerent it at a decent monthly rent.
4) You enjoy snow removal, mowing yards, fixing leaking roofs in pouring rain and leaky pipes in wet basements, and doing all this work for free because there isn't extra money to hire someone else to do it and because plumbers aren't available on weekends and holidays and storms don't care.
5) You are willing to contend with renters who are older than you that act less responsibly than your own children. I have had plenty of renters older than me that expected me to act like the parent so they could be the child. None of those worked out.
6)You're willing to evict people. I'm evicting a guy right now who stopped paying rent.
Otherwise.......go for it! It's a great way to build wealth. But.....it's a SLOW way to build wealth. And you're going to have to roll up your sleeves and do most of the work yourself in order to break even for the first 10 years on each property. Then it gets profitable to own a rental after about 10 years. |
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Barry G
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First of all if you owe back taxes that isnt going to help you not paying them. You still have to pay what you owe. As for the handyman special houses hope you can do the work that is needed because if not it will be costing you more when your restoring the house. Also when taking on the job of restoration you have to have money in order to get the supples you need even if you try going cheap it doesnt always work. Especially when your getting inspected by a potential buyer. Also real estate selling right now is at its slowest. So be careful with it. Can make lots of money when the timing is right. |
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