Hey all,
i have spotted a possible opportunity but need advice please. house with plans and permits for units development is for sale, and they are asking settlement in 1 year. My thought is if i could resell this just before the year is up (hopefully land will increase in that time as area is booming). is this called flipping? can anyone suggest the advantages and disadvantages in doing this, how to do this the best way or point me in the right direction to speak to someone. i am in melbourne.
Thanks
CGT is one disadvantage that springs to mind.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Not getting a sale in a years time and being asked to come up with the purchase price is another possible risk
Must admit i wouldnt have said CGT was a disadvantage although it would more likely be treated as Trading income.
Profit is profit.
You would normally do it by way of a Put and Call option and as long as the Option priemium if fairly small you would have little to loose and a lot to gain.
Course in Vic you would have Stamp Duty on the Option but again all relative in the scheme of things.
Richard Taylor | Australia's leading private lender
Hi,
I suggest you take a look at:
https://www.propertyinvesting.com/strategies/flips
If you have the revised edition of my book, you can also read an expanded chapter on the topic.
Regards,
– Steve
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Thanks everyone. will read those recommended links and also get to that part of the book.
Thanks again
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