Posted by Ernest Tew on July 20, 2000 at 06:38:54:
We have had a great deal of experience with repos. From a business standpoint, it’s like starting over with a home you have just purchased.
From a tax standpoint, your tax basis in the home is the balance due from your buyer when the home was repossessed. Any net selling price above or below that would be taxable (or deductible if taking a loss).
Flipping MH Repos - Posted by loran-nc
Posted by loran-nc on July 19, 2000 at 19:32:17:
I just inadvertently flipped my first repo that I had originally intended to owner finance. The return was 89%.(CASH)
Has anyone else had any experience in Repos & what are the
potential pitfalls/benefits?
Re: Flipping MH Repos - Posted by Karon
Posted by Karon on July 23, 2000 at 15:08:08:
Dear Loran,
Congrats!!! I know you feel great, success does that to a person. We just did the same thing only in our case we never even closed on it! We wholesale flipped it to an investor who purchased our contract/interest in the MH with land for $3,000.00. A smaller profit but minimal work and no investment!! Best of luck to you!!
Sincerely,
Karon
Re: Flipping MH Repos - Posted by Dan (NC)
Posted by Dan (NC) on July 20, 2000 at 18:08:05:
Is this a home you repo’ed or one you got from the lender? If you have good title and can sell for cash with that kind of return, go for it! Then go buy two more.