You don't need to be rich, but you need to be ready.Due diligence is non-negotiable.

You’d be shocked by how little actual screening many PMC’s do!

Assembly Bill 1771, also known as the California Housing Speculation Act, aims to change real estate tax policy to discourage investors from quickly reselling properties like single-family homes.Under the proposed bill, an additional 25% tax would be imposed on the gain from the sale of a qualified asset (including homes) within three years of the previous sale.The tax reduction is dependent on the number of years passed since the initial purchase of the qualified asset, ranging from a 20% reduction for sales occurring between 3.01 to 4 years to a 100% reduction for sales occurring more than seven years after the initial purchase.The revenues generated by this tax increase would be deposited into the Speculation Recapture Community Reinvestment Fund, which aims to support affordable housing, local governments, schools, and infrastructure projects.The bill is introduced by Assembly Member Ward, and the proposed tax changes would take effect from January 1, 2023.Assembly Member Ward argues that short-term investors in the market, including fix and flip investors, contribute to rising housing prices, limiting opportunities for Californians to purchase homes.While the bill may discourage short-term speculative transactions, it is worth noting that California's tax laws still provide certain advantages for investors, including unlimited tax write-offs and depreciation benefits.The bill is subject to legislative approval, and Assembly Member Ward will speak publicly about the bill at the San Diego County Administration Center on a specified date.Please note that this is a simplified summary of the bill and its potential impact on fix and flip investors.

I'd be happy to chat, to see how I can be of service.Thank YouCraig 

—will be key as you navigate your first deal.

Welcome to BP, I hope you find a chance to engage with the community while you're lurking as well!

I’m a longtime investor and Realtor from the DC metro area as well-  BP is a terrific resource to help you grow both your investment portfolio and better support your investor clients!

I do most of it myself so that might be part of it (learning on the job) but also just finding things here and there which should be fixed as I go about fixing things which need to be fixed. 

This will be more expensive. 

I don't think it would be wise to knowingly buy something that you'd be forced to pay both rent and mortgage.