Posts Tagged ‘Flip This House’
By Jeanette Joy Fisher-Hack the Real Estate Market REVIEW
The TV show Flip this House spurred a lot of interest in making money in real estate by flipping houses. However, the show only tells part of the story. Often, the viewer never gets to know if the renovated house sells or not.
How can you learn about making money flipping houses if you don’t get the entire story on how much profit the investor made? Also, the investors rarely get their hands dirty and hire out all the remodeling, which costs a lot.
Another reality show scheduled for The Learning Channel, Property Ladder,* also focuses on the “rehabbing” side of flipping houses. In this show, the investors do the home remodeling themselves instead of hiring outside help. Let’s hope the new show gives us more details on costs, profit and loss.
To many real estate investors, the type of real estate investing these TV reality shows feature is termed “rehabbing” or fixing a “fixer.”
Flipping Houses: Terms Explained
Old-school investors think of “flipping houses” differently. They think of a “flip” as a house (or just its purchase contract), which is purchased below market value for a quick resale. The house may never transfer title into the investor’s name. These investors look for sellers under duress to sell for 70 percent or less of market value. The house may not even need fixing. When the house or purchase contract sells to another party, possibly another investor “rehabber,” the “flipper” pockets quick cash.
The flipper or “quick turn” investor may never even “invest” any of his or her money into the purchase. Quick-turn investors look for many “flips” to do each month and like to make $5,000 to $10,000 or more on each house.
The “rehabber,” who fixes many houses each month with a team of contractors, may or may not do some of the actual work. Rehabbers who do the work themselves take longer to do a project and do fewer homes each year. If they keep a house for over a year, rehabbers can gain a significant appreciation if the property value increases. Plus, they do not have to pay high income taxes. Investors who sell in less than a year pay taxes based ordinary income. Holding over a year gives investors the long-term capital gains tax break.
State taxes also cut into the investor’s profit. In California, the state gets the first check out of escrow–almost 3.8 percent of the sales price– regardless of the profit percentage. Investors need to wait until they file tax returns to get their money back.
Investors who specialize in “Pre-Construction” also flip houses. They gamble that a builder’s home will appreciate in value upon completion. Some builders require that an investor keep the home for over one year to keep speculation from harming the home buyers who intend to live in the home.
No matter what you think of when you hear the term “flipping houses,” you can bet that the knowledgeable investor makes money.
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Armando Montelongo from the A&E Television Network’s reality show “Flip This House”, author of multiple real estate training courses and books including Flip and Grow Rich, How to Make Millions in Foreclosures and Flip it Now among others and mentor/coach to thousands of students all over the world has been said to be a scammer and overall dishonest person, which couldn’t be further from reality.
Honestly, rumors of the Armando scam are false. Armando Montelongo is no more of a con artist than any other business or person. Offended? Consider this, sales are all about convincing people to purchase your product. As any other business would, Armando is going to do as much as he can to extend his long-term success and keep feeding his family.
Long-term success is never achieved through scamming other people. Sure, people have had less than ideal feelings towards Armando’s teachings, but that tends to happen based on the sheer amount of people that have had the chance to learn from him, not to mention that a lot of people expect to be handed the key to great wealth without doing any work. You cannot skim through one of Armando’s books, not take action on any of the lessons and then expect to make a fortune, sorry, you also have to take action. Armando shows you what to do so that you don’t waste years of missed profits trying to figure it out for yourself.
It’s disheartening when one is doing something positive and becoming successful, and people always try to portray them as a bad person. There are those speaking of Armando being involved in a lawsuit (that was later thrown out). In the United States you are innocent until proven guilty, and Armando was proven innocent. The richer you get, the more backstabbers will be out to get you. Whatever you do, don’t let this be a reason to not become wealthy.
Armando wasn’t always successful though. Before becoming recognized worldwide as a top real estate investor, he had to learn on his own how to make money with bad credit, no cash, and no experience. He understands firsthand what it is to be in poverty, to not have enough money for gas, for groceries, much less anything else. Maybe you’re not what you would consider poor, but you would like to do better, get a nicer car, a bigger house or just fire your boss and quit your day job.
So, is Armando Montelongo a scammer? Well, are you committed to changing your life and creating wealth in real estate? Even if you don’t care for Armando, he has been working in the real estate industry for many years and he does have a wealth of experience flipping homes for profit. Take advantage of this know-how, stop making excuses and take action with what Armando Montelongo can teach you. Changing your life starts with you.
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