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can i buy new property and resell for a profit..what hidden costs are there.

2007-05-04 08:16:27 · 5 answers · asked by Anonymous in Business & Finance Renting & Real Estate

5 answers

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 · answer #1 · answered by Anonymous · 0 0

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 · answer #2 · answered by loanmasterone 7 · 0 0

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 · answer #3 · answered by godged 7 · 0 0

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 · answer #4 · answered by Anonymous · 0 0

no hidden fees but theres taxes etc you have to pay

2007-05-07 20:33:20 · answer #5 · answered by Anonymous · 0 0

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