All Forum Posts by: Mark A.

Orlando............ and doing some very nice deals :)

Thank You.

I cancelled my membership to that IRS club some time ago so my unofficial answer is...... what tax? :D

Hey Guys
Quick version of this deal.
We bought an REO in Orlando. It closes this coming Thursday.
I'll use these numbers as they are pretty close.
We paid $180K
We have other stuff going on and we found a cash buyer for this one who is paying us $220K so we are not going to rehab it or anything else, we are simply selling it to someone who is going to live in it as-is.

We will close ourselves with cash. Our buyer will then buy it from us with cash (so yes, we will have actually owned the property for an hour or so)

So, if our profit was $40K, are we liable for capital gains tax, regular erned income tax or what?

I know it's a CPA type question but just wondered what anyone might have to say on this.

Thank You

That whole situation started following the post I made about REO's in Florida and I apologize for getting into it with Rick430.
I seemed to be having a terrible time getting my point across to him and I appreciate the other posts that were added during our little battle.
I was probably out of line too and I was so frustrated.
Again, I apologize to all of you for any inappropriate actions on my part.

Mark

50 cents on the dollar REO's here in FL all day long Yaaaaaaahhhhh wooo hooooo :beer: :woohoo: :shoot:

[size=18]LOL AWESOME [/size]:train: :beer: :superman:

OK, well rather than piss everyome off.......... CLOSED!

(quick, the bus is coming................ and stop calling me flipper)

I was simply making comments and suddenly I'm a liar because there are 50 cents on the dollar deals here if Florida. Sorry about that. Just move if you don't like it there.

LOL, Now I know I'm right about the bus.
Someone in TX can say they get 50% deals and it's OK.
I say the same thing about Florida and it's not, hmmmm

DO YOU TAKE THE SHORT BUS TO WORK?

How about this? When you have the time, go ahead and read every single word I wrote since I started in this thread.
I really don't have the time to educate you but if you'd like to read exactly what I said then I think you might understand just a little of what I was saying.

I am sorry it has been tough for you figure out, I am sorry you think that everyone but you is a newbie or inexperienced and I am sorry that you (if you've done any) are paying way too much for investment property.

As for your stupid "lets make a bet" thing, grow the hell up. You must be the only guy in the world who can't find or negotiate a deal, sorry about too!!