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

By: Brian M

Brian M — Thu, 14 Aug 2008 18:52:49 +0000

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-

By: DOUBLE NET

DOUBLE NET — Mon, 11 Aug 2008 10:48:02 +0000

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.

By: crapaudblanc

crapaudblanc — Sun, 10 Aug 2008 01:51:43 +0000

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

By: k_thornburg

k_thornburg — Thu, 07 Aug 2008 23:00:16 +0000

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