Comments on: Flippers – Do you rehab for profit or ego?

By: Sean

Sean — Wed, 04 Nov 2009 01:09:00 +0000

Find a money partner. Also check out our forums at: http://www.foreclosureradar.com/forum

By: Dennis 009

Dennis 009 — Tue, 03 Nov 2009 00:03:00 +0000

Have flipped a couple homes made a little money doing it, learned alot. Laid off got time to rehab no money? Used my home to help buy 4 rentals , income now keeps my home, Just flipped small house with my credit cards boy I sweeted that one but still made 5000.00 and replaced tv and life as it goes. Southwestern Ohio bank owned homes on every street. Great credit but need better way to obtain these bargins have eny thoughts

By: Sean

Sean — Sat, 09 May 2009 04:22:00 +0000

Yep, income is subject to taxes. And taxes vary by income… so your mileage may vary. That’s why they invented EBITDA.

By: Real Deal

Real Deal — Sat, 09 May 2009 03:18:07 +0000

I'm right there with your profit equation but would love to see it completed:

. . . . . . netted 50k profit, paid my silent partner (the IRS and Franchise Tax Board) 20k in short term capital gains and ended up with 30k.

By: Sean

Sean — Tue, 05 May 2009 00:32:01 +0000

Becky – thanks. Loved your last sentence: “It’s interesting how the banks insist a house is one price (higher!)
when they are selling it, but quite another price (lower!) if someone
is looking to get a new loan on it”.

By: Becky

Becky — Tue, 05 May 2009 00:11:15 +0000

Thanks for posting this one Sean,

Around here we’ve been tracking Kurtis and Cindy for well over a year and love their stuff.

But somehow I missed this piece of his which I’m sure is due to email overwhelm on my end Glad you put it up here to catch my attention!

Yes, those end buyer appraisals are all important now

It’s interesting how the banks insist a house is one price (higher!) when they are selling it, but quite another price (lower!) if someone is looking to get a new loan on it – .