Flipping Houses

[UKcats06]

Originally Posted by mcmuffinpilot

yep ! that's my situation right now. The subdivision I moved into has a contract that I cannot sell my house for 3 years ! ...we just had our one year house anniversary and so I'm really hoping that we don't HAVE to move for any reason the next two years

I don't have a contract but no one wants to buy my house! I think its a nice house, but no 3 bdrm houses have sold in my neighborhood for the last 6 MONTHS so its not looking too good. I already ed about it in the "I hate it when" thread. I would love to flip a house in a booming market but not in the market of Northern Kentucky! It sucks!!

[Amanda]

Originally Posted by Kristie

and that's the big thing right now...out here in AZ, i think they put into real estate law that you must live in the house for 2 years or 5 years if you don't want to get taxed up the wazoo for selling too early. i think they're trying to slow down the whole flipping thing. as it is now, there's no way i'd get into that biz out here.. houses are too expensive here and the failure is too easy.

i would however like to buy some land...because that's where the price is right...companies will pay you good $$ just for land that they can develop on.

That's actually not just AZ. You have to live in the house for 2 years or you will get hit with a lot of taxes. In fact if I keep my AZ condo AND we buy a house next year I will still get hit with more taxes since I can only designate 1 as our primary residence.

As for tara's situation that is difference since that is part of the rules and regs for her subdivision.

As for land- I completely missed the boat on that one. Back in 2000 my friend Mike told me about a lot of land for sale in N. Scottsdale going for $110k/acre. I didn't have the money to buy land. He did and now that land is worth over $500k!

[Mistress Trista]

My dh and i have done it twice. Flipped a house that is...

One we bought and flipped in two months, made 20K. The other one we lived in for about a year, renevated it then and sold it made about 30K. It can be done, you just have to find a house that is less than 70% of it's fixup value. That's hard to do anymore.