All Forum Posts by: Willis Seng

cool. so if i did recieve commission and I wanted to flip a house, the commission could possibly fund most of it.

When your a real estate agent, do you recieve commission when purchasing a home from your own broker?

My parents has taken a equity line against their house. sorry.

My parents want to buy a new house and let the house they have now go into foreclosure, or possibly sell it. The reason is because they have zero equity on the house and they cant use any of the 1031 to pay for the existing loan. So why not use the 1031 money to buy a NEW house without using a mortgage loan? They'd be saving a lotta interest and tax.

Nevermind, I got it clarified. I think you meant the interest would be 583 and the principal would be 81. Wow, I never knew interest was that bad. So If I were to sell a 100,000 house in 5 months, I would be getting back 415.00 :cry: that hurts.

Im sorta confused, you said I would be paying more interest but your number shows that I would be paying more principal. Sorry, im new.

Does mortgage really matter when your flipping a house? Say I bought a house and it took me 5 months to sell. So in those 5 months, I had to pay mortgage which contributes to my equity. If I sell it, wouldnt that equity money cycle back to my pocket?

Ok, well, here we go. My parents just sold a commercial property for some money and stuck it into a 1031 account. They took out a equity loan against our house, so we have zero equity in this house. We bought this house for 180k, and now it has appreciated to 240k. Since we cant use the 1031 money to pay off the mortgage, they're going to buy a new house with the money which will be tax-free. Now heres the question... what do we do with the house we have now with zero equity? Its kinda in okay shape, we can probably spend about 5k on repairs to bring it back to normal condition. There are 2 other houses in the neighborhood that are for sale that has been on the market for about 2 months now. I dont think we have the option to rent it because our mortgage is about 1500/mo. What should we do? should fix and sell or foreclose the property.

Ok, well... Ive never flipped a house before, I have no idea what supplies and materials cost, and I dont know what's a good price for a decent contractor. How do you guys figure out this cost on your first flip?

Ive been hearing a buncha smack about the current real estate market lately. I was thinking, since the market is slowing down, declining, and foreclosures at a high, shouldnt that make it perfect for an investor to buy these houses at lower prices? Not only they would be cheaper, these houses would be abundant. I spoke to my dad, which does day trading with stocks, told me that it is a good time to buy, but it is really risky flipping a house during this time because it would take a longer to sell or worse, it wouldnt sell at all. He told me that property taxes are going to rise 6.6% in our area next year also. What do you guys think about the market? what are the advantages and disadvantages for this market?

what is the definition of a seasoned investor...? sorry guys.