Same reason I watch "Family Business" with Seymore Butts, I was in a family business. LOL

Keep in mind that Texas is a non-disclosure state. Zillow numbers tend to be WAY off in my area....not unusual for them to be off by $30K or more here.

I have watched Flip This House off and on since the early days of Trademark. The San Antonio guys are OK too. As someone that has actually purchased and rehabbed really ugly houses, I also believe that some important things (including expenses) are often left out of these shows.

But it is entertaining and I've seen a couple of ideas that I'll feel free to copy on a future project of my own.

but u can make a hell of alot of money if you do it right. cant you??? if you get in get out and get it sold under market value (to get rid of it fast) you can still make a decent profit right? and capital gains is only for your residence right? or is it for investment properties too? i have always wanted to flip. i was thinking a smaller condo or town house to start off??? what do you think?

1.Desireablity usually goes like this:

1.single family detatched
2.townhomes
3.condos

There are exceptions to this rule but this is the norm.

Asking the capital gains question it is obvious you have never invested in real estate.

That's ok we all have to start somewhere right?

Capital gains exists in investment and owner occupied when you sell.

Generally if you buy the property and hold for a year or more the irs counts your property as holding for investment and you get long term capital gain tax of 15 percent when you sell the property or you could 1031 exchange the property and avoid the gain.

If you hold less for a year and flip the property the irs counts as buying and selling a property with the intent to resale and you will be taxed a capital gain basis of 25 to 35 percent when you sell depending on your income tax bracket.

It's very important to calculate on a flip various factors.

1.agents commission and paying buyers closing costs on resale.

2.repairs and holding costs monthly mortgage payments,and power,gas utility bills etc.

3.Any condo fees,hoa,etc.

A general rule is if you are paying over 65 percent fmv you are overpaying.

good luck

I thought the brothers ran more of a "chop shop" than anything. I would not respect them and certainly not work for them if they treated me the way the drywall contractor was treated. I don't even think Donald Trump would manipulate in that way...