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#458710 - 08/11/17 08:33 PM Commission flipping
Aftermath Offline
Member

Registered: 01/08/07
Posts: 104
Loc: Ca
If you flip a house as a broker you would get the commission for buying the property and then a commission when you sell the property.

If you sell with the intent of breaking even, you would leave the deal with just 2 commission checks. If your a Broker then thats easily $20,000 a house.

Am i missing something?

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#458711 - 08/11/17 11:55 PM Re: Commission flipping [Re: Aftermath]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7742
Loc: Vermont's North-East Kingdom
Is there some un-written rule that you'll always break even ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458730 - 08/12/17 01:02 AM Re: Commission flipping [Re: Aftermath]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2245
Loc: Outer Banks
Your money bought the flip and paid for the flip so you are not really making money when you pay yourself with your own money. Unless you are trying to clean up the money.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#458746 - 08/12/17 10:23 AM Re: Commission flipping [Re: Aftermath]
Aftermath Offline
Member

Registered: 01/08/07
Posts: 104
Loc: Ca
What im saying is

If i purchase a $200k home and as a broker i get a commision
Then i turn around and sell it for $220k and recieve another commission.

The 20k profit goes to closing, taxes, and commision. So the house is a wash

But as a broker you recieve 2 commision checks(one when you buy and one when you sell) So your just flipping for commission



Edited by Aftermath (08/12/17 10:56 AM)

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#458747 - 08/12/17 01:15 PM Re: Commission flipping [Re: Aftermath]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7742
Loc: Vermont's North-East Kingdom
If you were a FSBO, you'd miss out on the Commission that you're paying yourself !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#458752 - 08/14/17 12:36 AM Re: Commission flipping [Re: Aftermath]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2245
Loc: Outer Banks
When you buy the house with your money the commision check will be your money. When you collect that check you now owe taxes on that money even though you previosly paid taxes on it. The best way to handle this is to not take a commission but get a reduced price or closing costs to avoid paying tax.

your market might be different than mine but here buyers won't pay the additional price without some remodeling.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#458935 - 08/30/17 02:40 PM Re: Commission flipping [Re: Bigtoe]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 152
Loc: New Hampshire
[quote=Bigtoe]
your market might be different than mine but here buyers won't pay the additional price without some remodeling. [/quote]

Bigtoe -- it depends on how you are buying. If your deals are coming out of the MLS, then I would agree with you. But, if you are buying at the foreclosure auction, then there it is likely you are buying at a deep enough discount that you can make money on assigning the contract or selling with no rehab after the closing.

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