flip that house?

Question

Easy as it seems to make alot of money? what about in a rural Md or Pa area? Worth the time?

Answer 1

In some states it is illegal to flip properties...find out if your state allows it or not. Flipping properties seems good to investors but comes back to bite you in the butt later on. Flipping causes properties to go up so high that people 1) can't afford homes anymore, and 2) those who have been scammed into buying the older homes at higher costs then can't sell them for what they bought them for so they lose.

So, before you do anything, first consider if you want this universal circular movement to return to you in the future and bite you back.

When you invest in a home you need to update it before you can sell it. So do you have the money to buy the home, and do you have the money to hire a crew, gut it and re-do it, paint it, update pipes if necessary, put on a new roof, etc?

Answer 2

i dont think so.
if it was, everyone with a down payment would try it
there is risk
and then there are short term capital gains taxes that take 28 percent of your gain. its like working for the realtors and uncle sam.

IMHO

Answer 3

i watched it last night and honestly the last guy i saw was weird. i guess they can do it anywhere as long as they do the work. i'd like to see it being done in NY myself lol.

Answer 4

Sure, that's why we're all doing it and have become millionaires.