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House flipping is hot — to the point where more than one successful reality TV show has been created to feed the appetite of up and coming house flippers. But does the reality of house flipping measure up to the hype?

House flipping TV shows have met with huge success because they speak to many homeowners’ aspirations to make it big in one of the few areas they have some control over. “Buy it cheap, fix it up, and then resell it for a large profit”, sounds like something anyone who can “work smart” is capable of doing.

But there are problems. One of the big ones is that do-it-yourself renovators often do not realize the renovations they plan to do require permits and inspections. In some cases their renovations can be halted by unhappy neighbors disturbed by the noise and unusual activity next door.

Flipping hype also leaves an unrealistic impression about the amount and complexity of the renovation work required in order to make a significant profit from a resale. Real estate experts claim there is simply no way a house can be improved enough in two or three weeks to bring in ,000 or ,000 above the original purchase price.

Flipping accounting is also pretty suspicious. We’ve all seen those less-than-00 renovations completely transform a home on TV. But the reality is that real renovations often cost much more than these shows lead us to believe.

Profit calculations made by flipping hypesters often leave out some pretty crucial information too. Simply subtracting the final selling price from the initial purchase price may look impressive at first. But this often completely ignores the full costs of renovation, permits and inspections, not to mention real estate agent fees, legal fees, and taxes.

**Don’t Ignore House Flipping Tax Issues

If you’re thinking of doing some house flipping, be prepared to wrestle with some pretty serious tax issues. The general impression of house flipping (buying cheap, renovating, and selling quickly for a profit) is that your average person can turn a hefty profit without having to worry about the tax man. But the truth is, in the U.S. and in many other countries, profit made on selling houses is taxable income unless it is your primary residence.

According to Bill Rucci, a CPA specializing in real estate investing, many real estate investors are completely uninformed. “There is a huge misconception on the part of some people who think they can buy a residential home, not necessarily their personal residence, fix it up and then sell it and then get what we used to call the old rollover provisions where you use the money you made to buy another piece of property for more than what you sold,” says Rucci.

But according to Rucci this only used to apply to personal residences. But more importantly, these regulations no longer apply even in those cases. They have been replaced by more sophisticated, more restrictive legislation.

Current IRS legislation makes a distinction between owning a home as a personal residence, and owning a property for investment purposes. In order to qualify as a personal residence, you must live in a house for at least 730 days (2 years) over the last five year period. In that case, profits made on a sale after the 2 year residence period are tax free on up to 0,000 profit.

But if you own a home for investment purposes (as most would-be house flippers do), and do not actually live in it, you could pay as much as 35% on the profits. Hold it for more than a year and the IRS will consider it a longer term investment. In that case profits will be taxed at the long-term capital gains rate which, in most cases, is a maximum of 15 percent.

Either way, it is pretty clear that the IRS does not look kindly on house flipping.

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While foreclosure homes often make for a profitable real estate investment, those who purchase distressed properties must engage in due diligence. Most foreclosed real estate requires considerable repairs that can impact profit margins. Therefore it is crucial to calculate the true cost of foreclosure investment property prior to making an offer.

Buying foreclosure homes through public auction is a common practice amongst investors. While good deals can be found through auctions there can also be pitfalls to this purchase method. Buyers must be prepared to transfer funds within 24 hours after submitting the winning bid. If creditor or tax liens are attached to the home, investors must engage in lien removal practices which can be timely and costly.

A lesser known pitfall of buying real estate through foreclosure auctions is occasionally evicted homeowners refuse to leave the premises. When this occurs, investors are responsible for initiating eviction action. Not only is this stressful, it can also be costly.

One alternative to foreclosure auctions is to purchase pre-foreclosure houses directly from homeowners. In some instances, mortgage lenders enter into short sale agreements which allow borrowers to sell their home for less than owed on the home loan.

When investors purchase preforeclosure short sale properties they must obtain preapproved financing prior to placing an offer, unless submitting a cash offer. Buying houses with cash often provides investors with additional bargaining power to further reduce the asking price and expedites the closing process.

One of the most profitable ways to buy foreclosure homes for investment purposes is to locate private real estate investors that specialize in wholesaling. Investors sometimes purchase entire bank portfolios consisting of multiple properties. This allows them to obtain wholesale pricing and pass savings along to other investors or individual buyers.

Investors who have never purchased foreclosure real estate can benefit from working with a foreclosure specialist or investors who specialize in selling distressed properties. These individuals can offer advice and guidance to provide investors with greater bargaining power. Their expertise can help investors obtain reduced closing costs and purchase prices.

Established real estate investors can help buyers locate foreclosure homes more efficiently. Instead of scouring multiple foreclosure lists and real estate databases, investors do the work on behalf of buyers.

Investors can help property buyers locate foreclosure real estate in the area where they want to purchase and provide comparable sales reports and pertinent information about the neighborhood such as anticipated property taxes, school systems and employment opportunities.

Investors who choose to locate foreclosure homes without help from real estate specialists must take time to understand the pros and cons of investing in distressed properties. Research the area where foreclosed real estate is located and determine property values and anticipated growth in the area.

Many investors new to buying foreclosure homes are often tempted by low-priced properties. It is important to realize if properties require major repairs or renovations, the home can end up costing more than it is worth. It is best to seek out foreclosure homes that cost more but require fewer repairs to obtain the best return on investment.

About the Author

Simon Volkov is a private real estate note investor who specializes in foreclosure homes, REO, bank owned, and distressed properties. His website provides resources and articles about investing in today’s real estate market. Learn more by visiting www.SimonVolkov.com today.

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There’s still money to be made when flipping houses, but if you don’t know what you’re doing – if you charge straight into flipping real estate without educating yourself first – you can wind up with a major liability rather than an asset. Before starting out to flip real estate for profit, you need to do your due diligence first.

What Does “Flipping Houses” Mean?

Although there is a great deal to know about flipping real estate, it is at its core nothing more than the old market practice of buying low and selling at a markup. There are two ways to flip real estate profitably; one is to find run-down properties in need of rehabilitation and repair that you can renovate before turning around to sell. The other is foreclosure flipping; this is when you locate a “distressed property” that has either been repossessed by a bank or mortgage company, or is on the verge of foreclosure – in which case the seller is very motivated and will generally offer you a good deal.

Finding Ideal Properties

The best candidates for flipping houses will be the ones that you can sell quickly will a minimal out-of-pocket investment on your part. One of the best house flipping tips is to visit a local bank or mortgage company that keeps listings of properties on which they have foreclosed. These institutions have to pay for maintenance and property taxes on these properties and are usually willing to offer you a deal.

Another option is a real estate auction. However, if you plan to start flipping real estate this way, avoid the online auctions. The reason is that online auctions are open to virtually anyone in the world, so the competition – and the bidding – can get very heated very quickly and you may not get a good deal in the end.

Another way to spot a decent foreclosure flipping deal is to find a “For Sale By Owner” sign. Although this is not always the case, chances are good that the owner is “motivated” by financial problems and you will be able to get a good price on the property.

Financing the Investment

After you’ve done it successfully a few times, you will have enough ready cash to flip real estate with your own funds. In the beginning however, you’ll need to take out a short-term mortgage, which is likely to have a substantially higher mortgage rate. However, provided you have a ready buyer, this should not be a problem. It is important to have one however, or else you’ll wind up with an albatros around your neck. This is perhaps one of the most important house flipping tips of all if you plan to make flipping houses profitable.

About the Author

Wayne Hemrick writes about–flipping houses and flipping real estate.