A Few Questions
I just purchased a 3 bedroom investment property in philadelphia PA, I wanted to flip it as quickly as possible, but was informed I could be subjected to a 30% tax penalty. This tax is 30% if I sell within the first year and 15% there after.
Is this valid? And if so, is there anyway of getting around this tax issue.
Also, Lowes is building a store not even 1 whole mile from this property, would that decrease or increase the value?
Or should I just hold on to it, or a few years?
All answers appreciated.
There is no minimal amount of time that one has to own real estate before disposing of it.
There are a number of ways to sell without paying off the original Note. Good information, JohnMerchant.
_________________
"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 07/29/2006 ]
HBInc,
Thanks for thinking of us but we operate in Richmond, Henrico, Chesterfield and west to Fluvanna. I do have a good experienced agent we refer clients to down there. Let me know if you want his contact info. You can contact us through our website listed on my profile page. No PMs at TCI, I live in the cheap seats.
Jim