Just wanted to share my success story.

[Thomas Mitchell]

Hello everyone. This post has no point but to share a recent success of mine and to motivate everyone to keep working toward their goals. I purchased a house last week (4/2/2 in Texas) for $30,000. I used a funding partner to purchase it and sold it 8 days later for $55,000. The house appraised at 70K, so my buyer was still getting a deal. It needs a new roof, flooring, paint, and some landscaping, but it will be a great rental for him. I paid my money partner an even 1K to use their money for 8 days and I netted 22K out of the deal. Not bad for about 10 hours of work! I can't really brag to my friends about this so I'm posting it on here to share my success, but to also let everyone out there who is struggling know that it can happen! You CAN do this stuff! I made more in one transaction than a minimum wage worker makes in a year. Now, on to the next one!

[Account Closed]

Originally posted by Gary Hurst:

Texas Rocks! There are going to be a lot of Millionaires created. Prices are low, rents are high and over a 1,000 people a DAY are coming to Texas. Only thing I dont like on your sale is the 30% capital gains support the [REMOVED]

Actually the OP's wholesale deal will most likely be taxed as ordinary income. He gets the advantages of deductions to run his business. And, if filing as an individual, the privilege of paying SS tax on any profit on the Schedule C.