Flip to Yourself? Profitable or not?
My Partner and I are just getting started in the investment part of Real Estate. We recently attended a free seminar by KeySpire's Scott Mcgillvray in Tampa Florida. We received a lot of good, basic information but, what stood out to us the most was the "Flip to Yourself." model. I'm sure the actual way of flipping has been around forever, but that was his trademarked phrase. Basically, you purchase a home (with any financing), repair or renovate, and then sell it...to yourself at maximum appraised value. According to the model, you keep the property, turn a profit on the flip, you don't pay taxes since it was not a transaction between two entities and the closing, holding and financing fees are cheaper. It sounds like a savvy way to maximizing your profits. (remember I am brand new in this world, be gentle)
Has any one bought and held properties using this method?
How did you sell it back to yourself? Refinance?
Did you use a real estate agent?