All Forum Posts by: Chris Clanton

We are in the same boat in Pensacola best of luck.

We plan to characterize the transactions as normal business and not try to skirt the regs. Since we are actively rehabbing and reselling would this asset be considered as a inventory item like a car on a car lot or is there something special about real estate?

We are only looking to hold the property long enough to quiet the title and complete repairs / updates. Our or my plan is to do maybe 2-4 per year considering we are limited by the amount of cash we have. Just don't want to get to April 15th and have a heart attack, don't mind paying taxes just don't want to do something stupid and pay way more than required.

Hello all, I am just starting out in the rehab market. After reading through page after page of IRS documents I still feel that I am missing something. If we purchase a house cash and I rehab using my Contractors license are we on the hook for capital gains tax or straight income tax?
Thanks to anyone who can clarify.

Chris Clanton

Wife is an agent, investors buying 30-50k houses don't realize that it takes the same amount of time as a 500k house and the agent is looking at 2.1 to 2.5% as the commission. On the MLS most area's have a really stiff fine if they catch the agents giving out login info, I routinely use Zillow then drop back to realtor.com for more info as it has pretty much all the information except for the disclosure paperwork.

In IT, nobody is building datacenters (small players) anymore everything is just about to rollover to infrastructure as a service. Unless you can repurpose may just be nice wharehouse.