He would like to look into homes that he can work on for a few months, repair, and resell.

We could probably see a return immediatley if we were to re-sell soon at around market value.

Long story short, I was able to resell (a year later) for $8k.

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?

What they’re selling for is not what they’re listed for.

Does the city exempt non-profit housing organizations from the taxes that are sinking you?

That international humanitarian organization.

Steph -Once you organize your LLC, you should have an Operating Agreement that outlines all the roles, responsibilities and limitations that are imposed on the members, managers and officers of the company.It is this document that will indicate who can (and who must) sign for the company.

Reuters deserves to be beaten up very badly over this...even a 150 year old news organization should lose lots of credibility when they try to pull this crap...

Now bpo's are the crack cocaine for struggling broker/agents trying to feed their families.I know some that make 10k to 14k a month doing volume.Then there are the majority who do say 10 to 20 a week and if they didn't have orders from being click monkeys online they would be out of the business.You have others such as myself that might do now 4 to 5 orders a month just for kicks.I only do them for long standing clients who will pay me my fee.Now when we do a report now used to some brokers/agent would send out others to inspect the properties or take pictures.Now many mills have electronic signatures at the end of the bpo's stating you have visited the property,taken the pics,and valued yourself the property at hand.So when a broker/agent goes to do a interior bpo they might do them full time with thousands a year,they might be a brand new agent who got in with a mill and can be influenced,or they might be an agent in between who knows values but will at least take your papers to see if you are just puffing or have valid properties to consider.Where many agents mess up is the estimated repairs which can cause the bpo to come in high.Also may agents falsely believe if they value the property high it will foreclose and they will get the listing from the bank.The departments are separate and have nothing to do with each other.Occasionally an AM will see the agents name on the report and they might pick up business that way.I have seen investors show up at properties and tell the agent if they get the value to come in at XX then they will rehab it and give to the agent when they resell it to make a commission.Hope this helps