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.
When you own two homes, and one is a renovation that you planned to flip, where should you live? It depends in part on the tax consequences of selling the homes. It may make sense to move from your current home into the renovated home so you will pay lower capital gains taxes on the home sale. You can live in the renovated home for a few years and then sell it as well for more profit and a better capital gains tax amount.
If you're interested in real estate investments, you may look to real estate investing authors such as Carlton Sheets. Sheets charges people to get his advice but there are other real estate investing experts whose books you can read. To learn about real estate investments, try reading a book by Robert Irwin or Robert Shemin.
There are plenty of great books out there to help you get your personal finances in order. These books will teach you about automobile law, being a good neighbor and managing your personal finances and real estate.