Fix & Flip Investors?
IRS Section 1031 allows taxpayers to do a “like-kind exchange” to defer paying taxes. For real estate investors, that means being able to defer taxes by taking the profits from one flip and investing them in another.
First, the best piece of advice is to limit your financial risk and maximize your return potential. To put it simply, don’t pay too much for a home, and make sure you also know how much the necessary repairs or upgrades will cost before you buy. Having that information, you can then figure an ideal purchase price.
👍KEY TAKEAWAYS
✅ Flipping houses is a business like any other: It requires knowledge, planning, and savvy to be successful.
✅ Common mistakes novice real estate investors make are underestimating the time or money the project will require.
✅ Another error house flippers make is overestimating their skills and knowledge.
✅ Patience and rational judgment are relevant in a timing-based business like real estate investing.
Some Good Pointes of fix & Flip Investing
🔔 Not Enough Time
🔔 Not Enough Skills
🔔 Not Enough Knowledge
🔔 Not Enough Patience
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