Lessons learned?

Lessons learned?

Lessons learned?

Lessons learned?

House Hacking will teach you many lessons that are invaluable and that will help you down the road if you choose to invest out of state later.

Hi all, new here at the forum and thank you all for all the knowledge you guys share…its amazing.I am interested in this question as well as we just got back into this from like 10 years ago, few things have changed for us, and the main one is finding deals with whole sellers, sometimes the price looks good, but once we add numbers we are currently seeing that everyone else in the deal makes tons of more money than us….for instance, we have checked properties now, where we pay closing cost, interest on a portion of the borrowed money, commissions after selling the property, etc and we see 30-40k going out on all of this,  then we barely make a 20k profit or less on a property of 200k …many of the deal we found we barely get close to a 10-15% of the initial purchased price, which to me sounds like a lot of hassle and my wife says that i am getting old and too picky :)i keep saying that ideally we should shoot for 15-25% profit from the purchase price…if i get a property at 200k and the rehab is 50 and everyone else makes 30k then we should at least net out 30k as well.

Lesson learned don't go in business with an x drug addict.

That way I only learn the lesson one time. 

Presumably my gain will be much (less) on the second sell transaction in CA.Are there any regulations on how long I must hold my 'new' CA property before selling it (and going out of state) to avoid CA taxes on first transaction? 

Lessons learned?