hello im in the bay area california looking to flip a property first should i find a house thats not listed to save realtor fees second lets say i purchase house for 549 put 20g in updates now 569 and sell for 619 thats 50 g profit now the big ? out of that profit who else gets money and how to avoid any fees such as capital gains,realtor fees,or any other hidden sources of negative profits , should i get my own realtor license how does the invester do it . oh by the way i sold my house for 659 the realtor get a big chunk id like to avoid that next time
May I suggest that you spend a little time on here reading the forums. I’d also recommend visiting your local library and pullng a few real estate investing books off the shelf. If you haven’t yet, also look up your nearest REIA group and attend a few meetings.
Nothing personal, but you are not even close to being ready to buy and resell property. What you just asked is “tell me how to be an investor in twenty words or less.” Unfortunately, that’s next to impossible to do. I mean, there are books and courses written specifically on “flipping.” Doesn’t work trying to explain it in a single post.
Also, you’re not going to “avoid” capital gains, realtor fees, and other “hidden negative profits” (interesting choice of words, btw). These are merely the costs of doing business.
Finally, you say that the realtor got a big chunk of your money that you’d like to avoid next time. Do you know how to market a house to get the best potential buyers? Do you know how to read, write, and fill out the contracts necessary to buy and sell a house? Are you up on all of your state’s laws concerning buying and selling real estate? These are just a few things that realtors are responsible for in a transaction.
I would also like to point out that the realtor did NOT get all of that chunk. The commisssion is split between the buyer and seller agent, and then each split is split again between the agent and their company.
Hope it helps,
that was funny just what i expected just wanted to see whos out there and oh by the way cause i know nothing i bought my house 4yrs ago for 289 and sold it for 649 i put a 100g down my realtor is a freind and charged me 3%i made 415,000 off my not even close knowledge hey thanks raj i own a home in vegas also that has made well over 175 im a contractor and buy and sell all the time your probably the raj that was fired on trumps show
yeah moto, I guess you got me! Ha! Ha!
Ask a “how do I invest” question, get a response and then flame the guy answering. I bet you’re a real blast at parties, too.
If you really make lots of money investing, then great. Stop trying to waste everyone else’s time on here with practical jokes (or whatever you think it was) and start answering some questions that you seem to know so much about. (btw, buying a property and holding it while it appreciates, especially in a booming market, is not investing. It’s merely riding the wave. Nothing wrong with it, just don’t confuse the two).
And I wouldn’t waste my time to collect Trump’s pocket change (since we’re all so into telling the big one!).
<<Ask a “how do I invest” question, get a response and then flame the guy answering. I bet you’re a real blast at parties, too.>>
He’s probably easy to spot…just look for the lampshade…
Perhaps you can use some of your “ill-gotten-gain” to invest in a computer that has puctuation marks and a “shift” key, moto…
God, I hate oxygen thieves…
Perhaps there is just a short between his keyboard and his chair?
It is stunning to me how many folks out there have a hard time with spelling and grammar.
When writing, punctuation projects nuances that are otherwise impossible to relate.
For instance, moto’s lack of good punctuation makes him look ignorant, but I am sure that he isn’t.
thanks i could really care less if my spelling is correct is that the answer to sucksess haha let me just say most people dont even have a clue to the expenses in a flip that was just my point to all you ignorant people im rich and bored sorry
Rich and bored? Okay, if you say so. Personally, I figure that you’re about 12 years old and bored, but hey, whatever floats your boat, dude.
Since you know soooooo much about the in’s and out’s of flipping a property, why don’t you educate all of us ignorant people that are apparently so broke, but not bored enough?
Here’s a suggestion, moto…why don’t you write an article for this site to show us all up? Use all of this supposed skill for good?
<<i could really care less if my spelling is correct >>
Yes,we know, we can tell. Usually that is very much a reflection of all of your work habits and life skills…
I’m with Raj…I think you’re pre-pubescent juvenile that doesn’t know squat…but, hey, that just my opinion.