Then someone offers themmoney for it so they sell at a big profit and buy anotherclunker.It's fun AND profitable.

Could it be that when you flip it is for quick profit and you would do a 1031 vs rehabbing which you would live in it and hold on to a home at lease 2 yrs for capital gains?

i almost went through with one in Tampa, but backed out when i saw condo market was glutted--you MUST make sure price you pay is RIGHT--THAT is where you will make your profit--where is it?

First off thinking how much I could flip it for and sell it within 30 days from my closing and make my minimum wholesale profit.

S Corps have limitations as well and you pay will pay taxes here as well.LLC is a pass-through entity where if you make 40k in profit, the entire 40k is taxed through your personal self employment tax - but you don't pay SS or Medicare Taxes, like you will with an S Corp, because with an S Corp, you are both an owner and an employee.

you want to buy houses and sell them for a profit?

It has about 50 units and if I could sell them as condos at the market rate I should be able to make around $45k net per door, ending up with a total next profit before tax of around $2.25m .

(Oh im a realtor so I also made 3.5% of the 52,000 purchase price) Moveing me up to a profit of about $13k or $6500 and hour.

Did he along with 99% of the investors I know miss the lesson in" by low sell high" After he finishes telling me how crazy i am too buy now, I keep it to myself that I just got an offer with over 100k in profit on the table, and that I picked up a lake home for 24k that later ill make 45k on.

I echo Ryan's words of welcome, and say to you --we're glad you're here.I hope we all can profit from you years of experience.