Taxes and flipping in CO: What to expect?

[Kyleigh Morgan]

I am planning on trying some flips in Colorado. Anywhere from Wellington down to Denver...I am new to real estate investing and planning on long distance investing in Charleston SC as well but with the Brrrr strategy. I live in Colorado and would love to do a flip or two here also to get my feet wet with rehabs. I plan on financing the properties and rehabs in cash. I spoke with North Western Acquisitions the other day. They are a licensed wholesaler in Denver and they said they did the most business in the country. They said the Market here was great for flips. I was wondering what others opinions were on that? And also, when calculating your potential profit on a flip, how much can you expect to lose in taxes? Assuming you flipped in less than 90 days...and your income is taxed at the 24% tax bracket. I want to be able to analyze flip and Brrrr deals well, so looking for as much advice as possible. I am currently in the middle of both David Greene and Brandon Turners books on both of those topics so I am sure they have helpful info as well, but thought I’d reach out to the BP community for more input! Thank you all! :)