2006-10-15 09:13:22 · 3 answers · asked by kplandscape2004 1 in Business & Finance ➔ Investing
Buy 1,667 dozen eggs. Get a fry pan. :-)
"Flip" usually refers to buying a building (house, condo, villa) while it is being built and then selling it prior or just after completion.
Flipping is legal, provided the real estate developer will allow you to do this. Some contracts specifically prohibit this.
Every sale will have US federal tax and is subject to state tax where the real estate is located and also in your home state, if different. The tax will be at the graduated rates rather than capital gains rates as the ownership (title) to the property usually never passes to you, thus the sale is a short-term sale.
2006-10-15 09:25:38 · answer #1 · answered by lizzit 3 · 0⤊ 0⤋
When people speak of flipping money, they often are talking about flipping real estate... that's one thing you could do legally. Buy a property with 10,000 down... make the payments and use the other 10,00 for improvements. If you buy a $100K house and fix it up to sell for $140K, you have flipped your initial $20K investment. Be aware of taxes and other considerations... as long as you buy the absolutely worst house in a decent neighborhood, you'll be sure to improve its value. Focus on painting, landscaping, and improvements that people can see. Avoid homes with plenty of electrical or plumbing problems... and watch out for those needing a roof replacement.
2006-10-15 14:59:37 · answer #2 · answered by Mike S 7 · 0⤊ 0⤋
Invest in a secure account in Turkey. They currently pay 18%. Of course, you will need about $115,000 to start.
2006-10-15 09:48:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋