Really looking to get the ball rolling in 2016. Need help.
I want to fix/flip homes. I have been procrastinating for YEARS... Help me with some issues I have.
If I use leverage to buy a property and fix in order to resale, then I sale the property with a real estate agent, how do I plan for lending fees, closing cost and capitol gains tax? I live in TX if that helps any.
Lets say I buy a property for 50K, need 25K to renovate (75K loan) and sell for 100K. Out of 25K in "profit", I assume a large chunk is paid between the lender, taxes and closing.
This isn't even considering holding cost for the several months I am fixing and listing for sale...
I want to eventually make this my full time job, it just seems far fetched unless I have several houses at once throughout the year to replace my current salary.
Any guidance appreciated.