Inspired by the R.E. thread - is your job to buy/fix/sell your house?

[Hillbeans]

Just curious???

I know a couple who've moved 4 times in the past 6 years buying and selling real estate as their part time job....i'm sure they're getting taxed a fortune though.

They buy pre-construction in over 55+ condo's and sell them a year or so later for about a $40 K profit each.

Seems like a lot of work for the money....packing and unpacking are not fun at all.

 

[CindysGusGus]

My hairdresser does this, however the difference is that they own a house they live in and just fix up fixer uppers to sell. they make a good profit and never have to move.

 

[Winka]

I know quite a few people who do something like this...the taxes on a second, non owner-occupied dwelling are higher but I suppose, in the end, it works out for them.

 

[CajunDixie]

B-I-L is only 33 and he has done this 3 times in Indy. He's married but they have no kids and no pets and they hire movers so its not so bad for them. Although the last move was supposed to be the Friday before Memorial Day....the **** movers called 3 days before and said ahhhhh sorry but we can't move you Friday, you'll have to wait until Tuesday. And since the movers had their stuff in storage they couldnt make a stink about it until after the stuff was moved. The housing additions are going up so fast down there it's easy for them to bump up into a pricier house each time they move. His next step is opening his own office, aside from his regular job, and manage properties and buy & fix up & sell middle income priced houses.

 

[Pig Pen]

I think the new tax rules are a bit more lenient for home-sellers. I don't know the details though.

We bought a foreclosure in 1998, did about 10,000 in work to it and sold it in 2003 for double.

We are closing on a house next week with the same idea. We plan to live there for about 4-5 years, fix it up, and re-sell. By then we will be ready to move to FL!

Hopefully the hot real estate market will hold up till then.