All Forum Posts by: Robert Miller

Thanks for all the replies guys.All very helpful info.I`m not worried about purchasing/selling in the same year,since it will be a double close,so as soon as I get the property it`s resold in an hour or so.

Thanks for the quick reply.I figured I`d only be taxed on the Net profit,but a family member was convinced that they would tax me on the $82k.This will be my 1st deal(yay) so I wasn`t absolutely sure.But I`m going to be hiring a CPA very shortly after I get this 1st deal done.

I`m buying an REO with transactional funds and doing a double closing to flip it immediately.I`m buying for $43k total,reselling for $82k.Now the transactional funds are paid back pretty much at the end of the double closing.My question is am I taxed on the $39k I`m making on the deal,or am I taxed for the entire sales price of $82k? If the latter,how the hell do wholesalers make money on deals? It`s over $27k in taxes on the $82k so that would kill almost all my profit.Thanks in Advance

Yea I`ve been trying to build a buyers list for awhile now,and I`m having almost no luck at all.Not sure if it`s the area I`m in or what,but I`m having a hard time finding buyers.

Thanks Marcus,all very helpful info.

Yea after I posted it the 1st time I noticed the REO discussion forum so I thought I might have posted in the wrong forum the 1st time.

Ok,what I`m looking to do is buy REO`s with Transactional Funds,and flip them with a double closing.My questions are
can I market it without owning it?What`s to stop the buyer from buying it straight from the bank instead of from me?I`m also afraid of putting it under contract before having a buyer set,can I get a buyer under contract before I`m under contract with the bank?

Thanks

Carleton Sheets,Tom Butler,The Tax Sales one,and most recently Armando Montelongo`s course.Yea the money thing isn`t a problem now,since I found out about Transactional Funding.Looking to do a couple double closings on some REO`s then when I have some money in the bank I can get a hard money loan and then I can do some rehabs myself.

Well at 1st it was money.I just recently found out about hard money and transactional funding.Now the only thing holding me back is finding buyers.Working on getting a buyers list now.It`s actually REO`s I`m looking to do til I build enough capital to rehab myself.Need to rdit my post.

I`ve completed many home courses in Real Estate Investing.I haven`t completed any deals yet though.Just looking to do some wholesaling until I get enough capitol to start rehabbing myself.
If you want to know more about me,don`t hesitate to ask.Not very good at online intros.

Robert Miller