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#5484
Ronnell ()
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Is flipping properties in california a smart thing 4 Years, 4 Months ago Karma: 0  
Is buying properties and flipping them in california a smart move right now?
 
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#5485
nasuse ()
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Re:Is flipping properties in california a smart thing 4 Years, 4 Months ago Karma: 0  
This is a question I have too. I own a home in No.Cal. and would like to rent it out and buy another one in No.Cal. However rents go for about $2000 and my mortgage is $3500! Isn't this an "alligator" then? It seems that rents and mortgages are way incongruent in Cal. Anyone else have any thoughts? Due to the meltdown, if I sold it now, I'd walk away breaking even whereas two years ago, I'd have made a profit of $150K! Argggh!
But I also want to get into this market as it's a great time. If not Cal. then where?
 
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#5486
nasuse ()
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Re:Is flipping properties in california a smart thing 4 Years, 4 Months ago Karma: 0  
p.s. I believe there is a law now in Cal - correct me if I'm wrong - that doesn't allow flipping. Much live for two years in property or hold onto it for that long. Is this true?
 
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#5490
adminchat ()
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Re:Is flipping properties in california a smart th 4 Years, 4 Months ago Karma: 2  
Don't know anything about a law like that in California specifically. The two-year rule that I think you're talking about has to do with taxes. If the property is owner-occupied for 2 years, you can defer your capital gains when you sell it. Check with your accountant for verification -- I might getting things mixed up.
Due to unscrupulous people taking advantage of banks, I believe some banks now require a "seasoning" of at least 6 months on a refinance. If you are doing a "flip" or even a cash-out refi, save your receipts, take before-and-after pics so you can prove that you did work to the property to ask the higher price point.
 
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