Flipping real estate means to buy a property at below market value and sell it at a higher value. During the recent real estate boom, many people bought investment properties and got into flipping real estate. Now people flipping real estate may be buying foreclosures. Flipping real estate also has a negative meaning, where some investors falsify documents to connect an inflated value to the property. When flipping real estate it’s important to consider the tax implications.
What is a good investment? Ordinary folks become wealthy people through investing in real estate and flipping property. Whether you're using property for rental income or flipping property you have bought and renovated, real estate can help you build wealth. How can you build wealth by flipping property?
Today on the Clark Howard Show, Ilyce Glink filled in. She discussed a new twist on fixing and flipping for a profit. Some folks now fix and flip Web sites. She also looked at the foreclosure market and talked about how to find great deals--and getting the bank to accept them. The FBI issued a new warning about the Storm Worm Virus, and LEDs are saving big bucks for some companies. Can you save money that way too? For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
When you buy a home with an FHA loan you have to follow their rules, including one where you can't close on a home if it was just sold 90 days earlier. If a seller is eager to sell he may not want to wait that long. Can the seller keep the buyer's deposit if the closing gets delayed or canceled?
On this week's show, Ilyce talks with Ralph Roberts, an agent who has helped more than 10,000 buyers and sellers sell their home and has purchased, flipped or rented another 2,000 homes for his own portfolio. Ralph joins Ilyce to talk how to find a good foreclosure investment property and what mistakes not to make. Later, in the program, Ilyce spends a few minutes with Joe Hurley, founder of the SavingForCollege.com website and her favorite 529 college savings plan guru. All this and answers to your questions on this week's Ilyce Glink show.
When you're considering buying an investment property that is pre-construction you need to look at the deal carefully. Certain areas of the country are awash in real estate investment properties such as condominiums. What do you need to consider if you're buying investment property with hopes of flipping it?
What should you do when you were into flipping real estate and it's no longer profitable? Flipping real estate is less profitable when home market values go down. When the real estate market declines you should do your best to continue making mortgage payments so your credit doesn't get damaged.
Real estate investing has historically been one of the most consistent ways to achieve great wealth. Focusing on proven strategies for buying and sell...
This reader is hoping to flip a property before it is constructed but is concerned about the tax implications. Ilyce explains if you make a profit by selling something that you own, even if it's real estate that gets flipped before construction is complete, you have a taxable gain. Just what kind of tax gain you would get flipping pre-construction real estate, hinges on the question of what it is that you bought and when you are considered to have made the purchase under tax law.