What good/bad experience has anyone had with flipping houses?

Posted by: admin on Tuesday, August 5th, 2008
flipping houses
Dragica asked:


I am thinking making an investment in flipping houses and would like to know what success people have had. Also, what are the consequences regarding taxes - this would be for the state of North Carolina.

Thanks.

Topics: Renting & Real Estate

4 Responses to “What good/bad experience has anyone had with flipping houses?”

k_thornburg Says:
August 7th, 2008 at 4:00 pm

Check out the show sweat equity. It will show you the good and bad. Also, flip that house.

crapaudblanc Says:
August 9th, 2008 at 6:51 pm

with the housing market down turn, and the credit crucnh crisis….are you insane???

DOUBLE NET Says:
August 11th, 2008 at 3:48 am

You need a lot of knowledge to make any money doing this. Do you know the cost of rehab for a house? You also have to add in selling cost and holding cost.

Leave this to the pros.

Brian M Says:
August 14th, 2008 at 11:52 am

Here in NC, I’ve had several clients that have had success flipping houses. The key is to identify houses you can rehab with minimal expense. This usually requires you to have some ability to fix up the house after you buy it. A lot of the recent foreclosures have minimal damage and the banks and finance companies that own them just want to get out of them. Short sales on these are VERY common.

As for the tax consequences, officially I say consult your accountant, off the record, look at around 15% of the profit on the home if you sell it and it was not your primary residence for 2 of the past 5 years.

For the nay-sayers that think the housing market is bad, read the last paragraph of all the stories. This is the section that says North Carolina, specifically the Charlotte and Raleigh areas, are experiencing a housing boom. Our home prices are up around 8% this year and sales numbers are still climbing. In short, this isn’t Detroit.

Hope this info helps. Shoot me an email if you need any other info-

 

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