Hey everyone, I’m new to this game and would like some advice on getting started. I’ve been doing lots of research on wholesaling and rehab flipping.
Any recommendations for Hard money lenders in CT?
Advice on finding cash buyers?
Advice on finding motivated sellers?
Avoiding capital gains taxes
Gurus and mentors
Thanks and lets make some $$$$$$$$$$
Advice on finding cash buyers?:
I don’t know what all the fuss is whether a buyers finances or has cash is transparent to you. You still get paid.
Advice on finding motivated sellers?:
Motivated sellers typically are affected by the 3 D’s…(Death, Disease, Divorce) These conditions tend to mean that they have to get rid of a house quick and price is not the number one consideration. In general what you want to do is systematize how you find your sellers so that it is happening all the time. People in each of these situations come from everywhere in the community. But they all funnel to a single point. You want to position yourself at that point. All of them are not going to want your services but all you need is a couple of them.
Avoiding capital gains taxes:
You want to pay capital gains taxes. You don’t want to pay regular income taxes.
Thanks Bluemoon, What i was trying to ask is best ways to avoid paying taxes at all. Capital gains is better than regular income and I know about 1031 exchange and using money from 401k. Anyhthing else?
Also Looking for cash buyers for wholesaling purchases who can buy from me immediately if i’d like to do a wholesale flip.
The way to not pay taxes is to own the property not flipping. Flipping is not investing it is an active function and taxed as ordinary income. If you own the property (renting it out) you make money but when you take depreciation off that pretty much covers all the income and you are left with no income (tax wise) to tax.
If you flip you are going ot generate a taxable event.
Get to know the big guys in your market… Look for a local real estate investment group and become an active member. A network of people who understand your local market is going to be far more valuable than any forum you can find online.