I think frum people do finances differently

amother

Black

Sun, Jan 03 2021, 7:06 pm

amother [ Beige ] wrote:

Thank you, Black for your reply.
not sure what you mean by tax write offs, I guess I am def. not in that bracket!!
we do pay a nice amount of taxes, a certain percent off our income, that does not get returned to yes, but a different amount of taxes we pay does get returned to yes at the end of the year....
I appreciate your advice, I have zero experience in real estate, though I have tons of experience in renovating (I've done an apartment we owned then sold, then the house we live in now) I've also done decorating as a job (now I'm in a different field where I have more training, but I love the artistic process of design).
so in theory, if I would buy a dump, gut and renovate (I also know exactly who I would use for floor plan/contractor/kitchen/AC- would be really fun for me actually), then when I refinance, I would make sure to have enough for the down payment PLUS renovation fees PLUS 6 months rent, PLUS another chunk for repairs set aside, theoretically, can this work?
Thanks so much!!

Actually if you have this kind of expertise, you might consider flipping properties. The trick is to find properties that are inexpensive because they need repairs and remodeling. You need to make sure that the numbers add up and that the cost for repairs and remodeling can be done for a low enough amount to leave a profit when it is sold at fair market value.

In other words you renovate for wholesale because you have skills and expertise and sell for retail. You might even partner up with someone who would invest and have you do the actual remodeling. I had a friend who did this fir a living. He also had a real estate license so he was able to find properties and saved brokerage commissions.

amother

Beige

Sun, Jan 03 2021, 8:33 pm

amother [ Black ] wrote:

Thank you Black, for this idea.
Maybe just because I love renovating, wouldn't most people love to buy a dump at a cheap price and then renovate it? Or is that just me?
I would love to flip and make money, but I wouldn't want to buy with relying on that (I would rent it out if I can't flip at a profit and then let it pay for itself over the years...or sell down the line if I get a nice offer).
I would love to do a renovation for an investor and then split the flip profit, I feel like this field is so flooded, there are soo many designers, my sister in law just built a house in Lakewood, there were sooo many designers to choose from, they take over the whole job, she didn't have to worry about a thing.....
I'm in Monsey, if anyone has any leads.....