Here's the Question I found a house priced @$369,000 and I got it down to $345,000. 10% down,With closing cost I'm looking at $365,000 with a mort payment of $3000.00 w taxes.The house needs about $50k of upgrades...and that's being light with the price. With all said and done,I'm at $415,000.THe MOST I could ask for the house is $479,000 and settle for 465,000. That's $50k.Minus 6% realtor fee (non neogtoable%) leave me with $22100. To avoidap gains tax of 33% I would have to have the property for more than 1 year...that's $36k a year in mortgage & tax payments....so my question is where and how does one make any if any profit?
2007-03-20
10:37:41
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8 answers
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asked by
robbievic
2