Re: Anyone here who earns a living via flipping?
I have paid off $250 000 loan my house by it. I got land cheap(area was developing and under construction), built a house, lived in it for 2 years and sold. I had gained $250 000 on it. Than I bought another block of land and built a house on it. Now as per current market, my house can be sold for 950 000 to 1.1m. the total cost for the house is $650 000. I am not planning on selling as its hard to move. As its family home if i sell, i do not have to pay any tax.
I know people who have done this too. I have booked few lots of land (in partnerships) where i have paid deposit and land will be ready/available in 1-2 years time and as per current market i am expecting gain of $100 000 to 150 000 each.
Recently I have booked a block of land and after a month i put it on the market and made a gain of $64000 before tax.
in currently Australian housing market, its not hard to make good money but you have to be smart. people who have made money usually get land, build and sell. normally land is cheaper and after building there is still big margin.
i dont buy existing houses as there is no margin and i have to hold it to make some profit and in the long run if market collapses there is bigger loss.
yes there is good money if one is willing to sacrifice time and have resources.