Upcoming Foreclosures

want 2 buy real estate foreclosure or the best way 2 pick up investment?

want 2 buy towards end of year sit on it for about 2 years until market turns around and sell with that money want 2 start flipping houses for a career.im on ssi disabled and worried about loosing my check ass well so canty take any chances as in not making enough

Public Comments

1. what is your location or does it matter where you buy?
2. Since you are trying to speculate here, I cannot recommend you do this now. RE flipping has become more challenging with all the interest generated by the TV shows. This has driven up the price of prospective properties, cutting into your bottom line. Plus, anything you make is going to be counted as income, and you may lose your benefits.
3. I'm not sure about your SSI check. It might affect it. However, I flip houses for a living and I've made a lot of money doing it. I close a house at the end of this month and I'll make $26,000.
4. The answer by the realtor is alittle off. If you plan to live in the home as your principal residence, and you live there for 2 of the last 5 years you will not have to list the money made as gross income on your taxes. However, if you do not plan to live in it for that period of time it will be considered income and need to be reported to the IRS.