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Bad debt Desicion need help

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Money Talk > Credit & Loans

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crews58
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Cash: $ 6.40

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Location: south carolina
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oldguy, the school system sucks i agree, but i did fail to mention i do have a real estate investment, i bought a house to flip it is on the market now haveing a showing on it at least once a week. potential profit of 10-20k. i bought it as a foreclosure. Not going to do a payday loan i do not beleive in that. Flipping cars has worked in the past. Have to see what happens
Post Thu Oct 25, 2012 12:26 pm
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oldguy
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quote:
but i did fail to mention i do have a real estate investment, i bought a house to flip it is on the market now haveing a showing on it at least once a week. potential profit of 10-20k. i bought it as a foreclosure.


In our area, investment groups have picked up 100's of houses for fix-up & flip. But during the past 6 months they have reversed that and are now renting the houses. Last spring, the sellers suddenly got lots of offers for more than the listing prices - ie, the suppluy of available houses was drying up. So the investers realized that the price of houses was going sharply upward. I know of one guy, a contractor who flipped dozens of houses over the past few years, who now has 14 rental houses - and expects to make $30k to $50k on each one on appreciation. He will keep them rented for at least a year to meet the longterm capital gains test so his tax will be only 15%.

Don't know about your SC market - but you might want to look at taking it off the market and renting it out for a couple yrs and then sell it?
Post Thu Oct 25, 2012 5:47 pm
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crews58
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thought about renting but dont want the place destroyed rather sell it make my lil boot and move on. I got a lot to learn but least im started. I i think i have own the house for 2 years to escape capital gain tax which is 20% i beleive.
Post Fri Oct 26, 2012 1:54 am
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oldguy
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quote:
I i think i have own the house for 2 years to escape capital gain tax which is 20% i beleive.


You have to own it for one year - and the capital gain tax is 15% on your profit.
The first rule of landlording - don't rent to an acquaintance, a co-worker, a friend, and never ever to a relative, you need a formal arm's length agreement with a stranger. I doubt that it will be 'destroyed', I've been a landlord for over 35 years, 4 houses, never had one destroyed. But if it happens, that is what insurance is for.
Post Fri Oct 26, 2012 4:12 pm
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crews58
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like what u r saying old guy my next investements prob will be rentals. just waitin on this house to flip. Been hard at work on finding a car to flip and saving money for now to pay off this credit card debt.
Post Sat Oct 27, 2012 12:12 am
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crews58
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UPDATEEE. Well i flipped a car since last post profited 300. also moved into my new house and sold(under contract) my old house. profit from old house. 8k. by tax time my goal is to be debt free. and money in the bank. on to the next flip
Post Thu Nov 08, 2012 2:43 am
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crews58
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thanks tim
Post Thu Nov 08, 2012 11:39 am
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marco_salinas
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try to seek for a free consultation your financial problem on some credit consulting company and relay to them about your problem before selling your car. I idea is good but you need to seek advice first.
Post Mon Nov 12, 2012 7:21 am
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crews58
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Man, im running with the flipping car idea, im actually getting a business plan together to have my own car lot in 2013. Also, im projected to profit 10k when i close on my my old house. So very ambitious, and excited about the upcoming months ahead.
Post Thu Nov 15, 2012 12:36 am
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jazzalbert
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Well, I don't think so that is it going to be in your favour. I've an another solution for you You can work out your own payment plan with your creditors. If you've missed one or more payments, ask your creditors to help you out from this situation.
Post Thu Nov 15, 2012 4:50 am
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jerrodmerit
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One can get out of the vicious cycle of bill payments and creditor harassment! These loans will help a borrower merge your various debts and bills into one single affordable payment.
Post Fri Dec 07, 2012 5:45 pm
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marco_salinas
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Location: 1306 E. 7th Street 2nd Floor Austin, TX 78702
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try to consult on credit repair or consulting companies and state your problem, maybe they can advice you better. If still problem exist then, the best solution is to sell your car in order to pay almost half of your debt.
Post Tue Jan 08, 2013 6:35 am
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crews58
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still going strong  Reply with quote  

after a couple of flips and backpeddles couple of stumbles. i have built my cash stash up to 13k. For being 27 i say that isnt so bad. still have 5k in debt. but i have learned to screw the debt and make payments. controll the cash, and pay myself first.
Post Mon Jun 17, 2013 6:13 pm
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