No "hidden" costs. You have to pay all the legal fees etc.
If you don't live in the property then you have to pay capital gains tax.
Nothing is hidden.
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2007-05-04 08:20:58
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answer #1
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answered by Anonymous
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Yes you can purchase a property new or lived in and resell if for a profit. Weather you make a profit or not will depend on how much you paid for the property and what you are able to sell the property for.
If you buy a property in a neighborhood for $200,000 and the houses are going for that same price then you will not make a profit. If you can purchase the same property for $150,000 there is a possibility that you could earn a profit.
There is always closing cost in the purchase and selling of real estate, nothing secret or hidden.
If you plan to do this you should go to a book store and purchase a few books on buying and selling real estate for a profit, profiting in the real estate market, buying and rehabbing and selling distressed properties.
I hope this will be of some use to you, good luck.
"FIGHT ON"
2007-05-04 10:29:52
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answer #2
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answered by loanmasterone 7
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It is unlikely in the current US housing market that you can purchase a new property and sell it for a profit. Most likely you would have to keep this property for some time, build equity in it and then sell it for a profit.
There are no hidden costs, but there are many fees attached to the purchase of a home. You will spend thousands of dollars in closing costs.
2007-05-04 09:13:22
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answer #3
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answered by godged 7
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There a quite a few costs involved. Closing costs, court costs, filing, brokerage fees etc. I would really learn a bit about the business if you're thinking of entering it. Seems like common sense, doesn't it?
2007-05-04 08:36:00
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answer #4
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answered by Anonymous
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no hidden fees but theres taxes etc you have to pay
2007-05-07 20:33:20
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answer #5
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answered by Anonymous
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