OfflineIf you plan on buying a co-op for yourself or whatever reason it may be, take in mind that there are FLIP TAXES. What this is, is if you buy a co-op in a building and then eventually you decide to sell it, you will have to pay a certain percentage of how much you sell the co-op for back to the building. Some buildings can charge up to 20%, so if you buy a co-op for $180,000 and sell for $200,00, you would only get $160,000! You just lost $20,000. Not to mention all the maintance that must be paid in buildings. Just something to think about and be careful when you purchase anything, know all the facts first. I was shocked when I learned about these huge flip taxes.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
Thats why I never really cared for flipping due to taxes.
P.
Thanks for the information. It is important to know and factor in all expenses (including taxes) when doing a flip. Thus, find out all the facts on each deal so you are not suprised by something when the deal gets completed. Good luck with investing. Believe and Achieve!
- Joe
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