Selling Before Settling
Just wondering what steps I need to take to sell my resort property before I actually settle. What are the tax implications? The property has doubled in value...or should I wait and see how it rents out?
You should post this question in the tax forum. Everyone there really are tax geniuses! They have been able to help me quite a bit.
the only people who worry about failure rates are the failures. you need to stop thinking negatively and start thinking positive. who cares what the failure rates are. most investors are small and invest in there off time (so it would be pretty hard to track that number) . meaning they have a job and also invest. maybe if your investing in REITS then you could be worried but if your educated to the point were you know there is 20k equity in a deal and all you have to put up is 5k then how much risk is there in that. i would be willing to risk the 5k for a profit of 20k and so would alot of others.
atleast with real estate your buying something real. a stock is a piece of paper that says your money is worth so and so, but who knows if that company is inflating there balance sheet or cooking the books. with real estate there isnt much guessing if you do your home work. and so what if the property isnt worth what you paid your not going to end up like the enron stock holders atleast your property will be worth something.
start thinking about the success rate and not the failure rate. [ Edited by ZinOrganization on Date 07/20/2005 ]
My success rate... meaning at least $5K profit on a flip or $20K on a low end rehab...is 90%.
My failure rate...meaning less profit than stated above... is about 10%.
In 4 years of buy, rehab and sell, we have had one real failure where we sold the property at an absolute loss. After rehab, it was an inner city property, it was trashed before it could be retailed and we were happy to say goodbye, even at a loss.
One real loss in 120 houses...not bad, huh?
[addsig]
so far I had one push, one loss and the rest wins