All Forum Posts by: Grant Ancelet

yeah I never changed it to that... so I'm not sure where that is..... lol... sorry... I'm in South Louisiana!!!

lol... thank you guys!! Yes, that's what I'm trying to do... figure out how I can flip and make the cash but reinvest somehow to not pay so much in taxes...  I've been successful in my 1st 4 flips making over 50k each one... but taxes are killin me...  I could do the rentals slowly but I love flipping and creating something from nothing... moving walls and making a usable floor plan... I'm good at it...   but from what y'all are telling me if I keep flipping I keep paying... ughhhhhh.... 

awesome guys just what I needed... I am a new flipper and I'm doing it with my own money plus bank mortgages and learning the game.... 

So how about this.... 

I flip and sell... come out with 50k... I buy another house and put the whole 50k in it... but I rent it instead of sell it... refinance it with a renter in it and pull the 50k back out...   then the taxes are deferred through the 1031??  Is that correct? 

if I flip a house and make 50k.... then I reinvest that 50k in another flip... I understand I don't pay taxes on that 50k... but what if I reinvest to buy another property then mortgage the house right away and take out the 50k and it goes back to me... then do I pay taxes on that 50k?

Talk me out if a sheriff sale!!! Am I missing something?? I researched judgments and leins.... nothing on the house.... I found out the max bid from the mortgage lawyer... it's well within budget... the house needs work but in a great neighborhood... so what else is of concern??? 

I've flipped a few houses and I'm familiar with the work involved and costs, etc... I'm particularly asking about the sheriff sale side of things....  what else should I look for?? 

awesome... great info... Thank you!

Thanks everyone..... I will go talk to some smaller banks today and see what I can find out...

thanks!! Good info!!

Yes I can pick and choose which to buy... i habe the addresses and all info...... however... it's a pretty good discount for someone to come in and buy them all.... that way he can be done and not have to sell individually.... 

Thanks Brenton...  I will look into that

lol... oh it's not that bad here!!! I couldn't live anywhere else!!!