Updated over 6 years ago on . Most recent reply
In the Washington State area
Looking to connect with others. New to learning the real estate business. Interested in wholesaling and flipping. Any advice would be greatly appreciated.
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Steve Vaughan
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- East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Welcome, Jessica!
My advice to a WA wholesaler would be to assign, not buy. Excise tax here will run about 1.7% of PP each time the house changes hands.
Transaction costs - factor them into your numbers if flipping. Thankfully WA doesn't have income tax, but uncle sam, the realtors, closing agent, title insurance and excise tax etc all cost a lot. Reduce your expected profit by about 30% to account for these.
Of course, both wholesaling and flipping small scale are just jobs. Glad to have you!