All Forum Posts by: Burt Gourley

Hi guys,

  Looking for some information from those of you that flip houses as a business. I am referring to more than one a year. Specifically I am wondering how one goes about the taxes with this situation, such as capital gains.I've been wanting to do more than one house per year but concerned about the capital gains side of it. Any insight would be appreciated. 

Hi Guys , first off I appreciate any insight given, so thank you in advance. I kind of had a snowball year with my income and it wasn't expected at all. I am dreading the taxes that are going to hit me. I ended up selling a rental house ( had longer than a year) and made a great profit on it (roughly 60k), I have two short term rental house that will gross 40k on airbnb this year. I have one long term rental that is pulling about 13k  this year. I purchased a house a couple months ago that I am remodeling.  So this year kind of just happened and I didn't expect any of this to really pop up like it did. I am wondering what all I can do to lessen my taxes, if anything. I'd be interested in knowing what strategies you all use. thanks!  

more pics to come 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $24,900
Cash invested: $35,000

This was my first real remodel. I did all the work myself other than the things that require a licensed professional/inspection. The house was purchased as a run down rental, it was really torn up bad, the tenants let it go, tore the walls, rooms, bathrooms and plumbing to hell.

What made you interested in investing in this type of deal?

The land lord wasn't looking forward to handling the mess and wanted to off load the property . I acquired the property and took me almost 7 months to complete doing as much as I can when I had time. the house was gutted , electrical and plumbing were updated, kitchen was completely replaced, the whole house was completely retiled and updated to central air and heat.

How did you find this deal and how did you negotiate it?

word of mouth

How did you finance this deal?

private lending

How did you add value to the deal?

complete remodel and update

Lessons learned? Challenges?

Everything that came with a complete remodel

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $24,900
Cash invested: $35,000

This was my first real remodel. I did all the work myself other than the things that require a licensed professional/inspection. The house was purchased as a run down rental, it was really torn up bad, the tenants let it go, tore the walls, rooms, bathrooms and plumbing to hell. The land lord wasn't looking forward to handling the mess and wanted to off load the property . I acquired the property and took me almost 7 months to complete doing as much as I can when I had time. the house was gutted , electrical and plumbing were updated, kitchen was completely replaced, the whole house was completely retiled and updated to central air and heat.

How did you find this deal and how did you negotiate it?

word of mouth

How did you finance this deal?

private lending

How did you add value to the deal?

complete remodel and update

Lessons learned? Challenges?

Everything that came with a complete remodel