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oldguy, the school system sucks i agree, but i did fail to mention i do have a real estate investment, i bought a house to flip it is on the market now haveing a showing on it at least once a week. potential profit of 10-20k. i bought it as a foreclosure. Not going to do a payday loan i do not beleive in that. Flipping cars has worked in the past. Have to see what happens
Thu Oct 25, 2012 12:26 pm
coaster Senior Advisor
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mod's note
quote: This isn't necessarily directed at the OP, just at the above ad, er post.
The referenced post does not violate forum rules or policies
~Tim~
Thu Oct 25, 2012 3:03 pm
oldguy Senior Member
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quote: but i did fail to mention i do have a real estate investment, i bought a house to flip it is on the market now haveing a showing on it at least once a week. potential profit of 10-20k. i bought it as a foreclosure.
In our area, investment groups have picked up 100's of houses for fix-up & flip. But during the past 6 months they have reversed that and are now renting the houses. Last spring, the sellers suddenly got lots of offers for more than the listing prices - ie, the suppluy of available houses was drying up. So the investers realized that the price of houses was going sharply upward. I know of one guy, a contractor who flipped dozens of houses over the past few years, who now has 14 rental houses - and expects to make $30k to $50k on each one on appreciation. He will keep them rented for at least a year to meet the longterm capital gains test so his tax will be only 15%.
Don't know about your SC market - but you might want to look at taking it off the market and renting it out for a couple yrs and then sell it?
Thu Oct 25, 2012 5:47 pm
crews58 Contributing Member
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thought about renting but dont want the place destroyed rather sell it make my lil boot and move on. I got a lot to learn but least im started. I i think i have own the house for 2 years to escape capital gain tax which is 20% i beleive.
Fri Oct 26, 2012 1:54 am
oldguy Senior Member
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quote: I i think i have own the house for 2 years to escape capital gain tax which is 20% i beleive.
You have to own it for one year - and the capital gain tax is 15% on your profit.
The first rule of landlording - don't rent to an acquaintance, a co-worker, a friend, and never ever to a relative, you need a formal arm's length agreement with a stranger. I doubt that it will be 'destroyed', I've been a landlord for over 35 years, 4 houses, never had one destroyed. But if it happens, that is what insurance is for.
Fri Oct 26, 2012 4:12 pm
crews58 Contributing Member
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like what u r saying old guy my next investements prob will be rentals. just waitin on this house to flip. Been hard at work on finding a car to flip and saving money for now to pay off this credit card debt.
Sat Oct 27, 2012 12:12 am
crews58 Contributing Member
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UPDATEEE. Well i flipped a car since last post profited 300. also moved into my new house and sold(under contract) my old house. profit from old house. 8k. by tax time my goal is to be debt free. and money in the bank. on to the next flip
Thu Nov 08, 2012 2:43 am
coaster Senior Advisor
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Thanks for posting the update ... sounds like $$ is being made ... like to hear that kind of good news!!
~Tim~
Thu Nov 08, 2012 6:08 am
crews58 Contributing Member
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thanks tim
Thu Nov 08, 2012 11:39 am
marco_salinas New Member
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try to seek for a free consultation your financial problem on some credit consulting company and relay to them about your problem before selling your car. I idea is good but you need to seek advice first.
Mon Nov 12, 2012 7:21 am
coaster Senior Advisor
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Free advice is worth exactly what you pay for it.
That's why there is no advice given on this board. It's all strictly opinion.
~Tim~
Mon Nov 12, 2012 3:46 pm
crews58 Contributing Member
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Man, im running with the flipping car idea, im actually getting a business plan together to have my own car lot in 2013. Also, im projected to profit 10k when i close on my my old house. So very ambitious, and excited about the upcoming months ahead.
Thu Nov 15, 2012 12:36 am
jazzalbert New Member
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Well, I don't think so that is it going to be in your favour. I've an another solution for you You can work out your own payment plan with your creditors. If you've missed one or more payments, ask your creditors to help you out from this situation.
