I just stumbled across this awesome site today and decided to sign up.I'm looking forward to gaining new knowledge from all of you, as well as doing my part and contributing to the pot of knowledge.Oh, and I'm also looking forward to making boat loads of money in 2007 and beyond!

And every time they show the Gain, it is gross, not net of real estate commission (Montelongo's seem to have their own real estate licenses as well as mortgage license), closing costs, stamps on the deed and mortgage, etc.

If you sell it after 1 year then you will be taxed at the long term capital gain rate, which if I remember correctly is 15%.

I have been reading all of the forums working my way back and I have already gained so much information but nothing beats hands on work.

Also, as you start going through the process, pay attention.

I have been reading all of the forums working my way back and I have already gained so much information but nothing beats hands on work.

The point is you shouldn't lose money if you pay close attention to what you're doing.

Over a year its taxed as a long term capital gain, 15%.

And you need gainful employment.

Oppurtunity cost nobody pays attention to it.