Ryan Burk Discusses Pitfalls of DIY Home Flipping – Yahoo Finance
Photo – http://photos.prnewswire.com/prnh/20160316/345157 One of the major pitfalls with taking on a house flipping project is that the investors end up losing the money that they expected to make. Perhaps they do not realize just how many expenses there can be and they do not correctly budget, or maybe they have not prepared for the possibility of unexpected costs. Delays with a contractor, laborers, or material deliveries may cost money, and may add additional supplies and property fixes that were not anticipated. Additionally, taxes may factor in and cause a loss of profits. Many new house flippers don’t know that their taxes on a property can go up if the renovations increase the value of the property. The length of time that the renovator owns the property before they resell may also factor in to what kind of taxes they may owe. If an individual does not get the flip done as quickly as they planned, Ryan Burk warns that it could seriously eat into their profits.
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So What Is The Annual Profit Expected?
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