Reply With Quotewhat kind of costs are associated with this type of investment (outside of all upgrades etc. done to the house) ... such as capital gains tax, supplemental, etc... and if you do a buy from owner type of deal (no agents) what are the ways to get that done, and how long does it usually take??
tryin to make a quick buck
...sign is going up Friday on a flip we just finished! Closed escrow January 3rd and started with a complete overhaul job that included bullnose corners, can lights, whole new kitchen, master bath add on for a 2 person shower, all cabinets, doors, windows, granite, travertine floors, all new carpet, new duct work, switches and outlets, sod & sprinks, and a touch of concrete here and there. Had a budget of $50k which we came in under. The house was a roach and the asking was $499k, we offered $450k and he took it (nasty divorces are a plus when looking!). The listing price will be roughly $575k which isn't a buttload if it goes for that but is a nice piece of change. As far as taxes, we are gonna take the hit and add it to income for the year which will be due well into '08 so that was a factor, instead of a 1031. We have already scoped out the next project and have a list narrowed down to a few rough diamonds..hopefully it all works out. Being agents does help to keep the proceeds up though, but knowing agents is the next best thing
If you or anyoned here are seriously looking into a "fix n flip" sitiation around the SFV, Ventura County areas let me know
