Considering flipping a house.?

Question

I am interested in buying a cheap house and fixing it up then selling it for more. Can someone please list all hidden fees in buying the home and everything like that.

Answer 1

buddy, i hate to tell you this...but now is really not the time you want to be flipping houses.  I mean you can do it if you want...but you won't make any money.  Have you heard about the down housing market?

Answer 2

Bad timing unless you plan to hold on to your refurbished house until markets recover.  The way things are now, you could spend lots on fixing it up, and then not get back enough to cover your outlay.  Prices could keep dropping for quite some time more.

Answer 3

There are few hidden fees.  I flipped a few.  You pay capital gains tax of apx 15% if you hold the property one year.  You pay higher if you own it less than 1 year.

Do it.  it will get your heart beating.