is it still a good time to buy property in southern CA to flip it quickly? if not when? plz help?
Thursday, December 17th, 2009 at
3:44 pm
my husband and i are starting a busines as painting contractors and soon after in the general construction, but we’ve been wanting to buy property to remodel and turn a flip it, but everyone’s telling me it’s not a good time to buy, that soon the economy will crash down and we’ll be upside down between the loan amount and selling price…plz help.
Sell House Quick
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Tagged with: Economy • Good Time • Painting Contractors • Starting A Busines
Filed under: property crash
The market will “crash” in some areas (inland) and stabilize in others (coastal, LA, OC counties). That’s what experts predict anyways. Plus, if you “flip it” in too short of a time (less than 2 years on average) it will not have appreciated in value enough and you will be facing capital gains taxes (Which are up to 30% of the proceeds). Speak with a real estate agent in the area you are looking.
And might I add: In the areas where this would work, you are looking at a huge investment. Put it this way, I live in huntington beach and they are selling the house next door which is UNLIVABLE for $799,000 as a “tear down” lot.
in any market a well purchased home can be flipped. that means you need to buy it below its true market value and fix it and sell it at a reasonable price. easier to do in a frothy market. if you have not done this before, i would suggest waiting for a time when the market is heating up, not cooling off.
but keep your eyes open for that beat up property that someone needs or wants to get out of in a hurry.