Buy and Sell Fixer Uppers

If you won $100,000,000 in the lottery, what would you do with all that money?
I Would give my parents and my brother a quarter of it. Donate another quarter to various churches, gay/lesbian organizations, and animal shelters/rescue groups.
With the remaining $50 million, I’d put half in to a savings account, and spend the remaining $25 million on myself right away…….
A brand new Hyundai Tiburon, a Hummer H3, 50 acres on a mountain in PA, build and decorate my dream home in the middle of the 50 acres, buy 3 vacations homes – one in Cape May, NJ, one in Virginia Beach, VA, and one in Daytona Beach, FL. I’d get liposuction, Lasik eye surgery, breast reduction, rhinoplasty, septoplasty, laser hair removal, weekly spa treatments.
My boyfriend could retire early and I’d get him a professional dietician and personal trainer.
I’d like to buy a fixer upper apartment building, fix it up, and make it available to homeless people for free.
The more detailed your answer, the better chance I’ll give you the 10 points. Just saying “I’ll have a big party” or “I’ll go to the mall” isn’t going to get you the 10 points. Good luck!

Bought a “fixer upper” house (SC, USA) in 2008 and live in it now. I know I have to wait 2 yrs to sell if I don’t want to pay taxes at all. I’d like to sell it now though.

If it is my ‘personal” residence and I sell now, then I cannot deduct repairs etc..maybe only “improvements” but not paint or repairs for sure.

Now I live in a vacation spot, so if I go on my own vacation and rent this out for a week or two in Nov. & Dec. Does that then turn my ‘residence’ into an ‘investment’ property so I can then deduct those things so I can pay less tax on my profit?

We knew we would flip it but really thought we’d stay 2 years so we got a normal homeowner loan, not an investment loan. We have to prove to the IRS that we meant it as an investment to deduct these things. We did mean it, but since we did not get an investment loan I think the only way to go is to actually rent it out. But I only want to do that if it would definitely work.. Or would that just make it a 2nd home?

Would this work? Thanks for your expertise!

K
Ok, so it sounds like Judy is right.. I have sold 2 other investment properties (that do pass the test) in 2009… so we do have a history of being investors. Those investments went poorly (house in MI) Is there any other way to prove we intended to make this an investment? I’d like to balance out the books with a profit here.

Also can I possibly offset my loss their with a profit here next year? Or do I have to keep deducting 3k/year on my schdedule K (I think that’s the right letter)

Bought a “fixer upper” house (SC, USA) in 2008 and live in it now. I know I have to wait 2 yrs to sell if I don’t want to pay taxes at all. I’d like to sell it now though.

If it is my ‘personal” residence and I sell now, then I cannot deduct repairs etc..maybe only “improvements” but not paint or repairs for sure.

Now I live in a vacation spot, so if I go on my own vacation and rent this out for a week or two in Nov. & Dec. Does that then turn my ‘residence’ into an ‘investment’ property so I can then deduct those things so I can pay less tax on my profit?

We knew we would flip it but really thought we’d stay 2 years so we got a normal homeowner loan, not an investment loan. We have to prove to the IRS that we meant it as an investment to deduct these things. We did mean it, but since we did not get an investment loan I think the only way to go is to actually rent it out. But I only want to do that if it would definitely work.. Or would that just make it a 2nd home?

Would this work? Thanks for your expertise!
Ok, so I found out I can’t do that.. how can I prove I meant to flip it? I guess the tax law is all about “intent.” I need to sell it now, not after 2 years, so what CAN I do to prove intent?

I need to find another house in florida directly on the beach for under 500k. The cheaper the better, as can be a fixer upper. 2br 2b minimum, no more than a block away from the ocean, anywhere in florida, location doesnt matter. NO CONDOS, preferably unless you happen to know a very nice one. Searching for something this specific is a pain, any quicker ideas or links to properties? All realtors, send me a link, the percentage added on top will be worth it. No need for financing.

I want to buy a house outside of city for a vacation of sorts. Willing to buy a fixer upper. My brothers and father will be working with me on the house. However, I came across a house with the following ad the house is only $25K I am willing to invest another $25K. but never heard of rubber insulated house. Any one have any experience with this. Just curious.
“A LARGE OLDER HOME ON 3 ACRES OF BEAUTIFUL WOODED PROPERTY WITH MANY OAK TREES. HOME NEEDS EXTENSIVE REPAIRS. NOT LIKELY TO PASS INSPECTION AS WORK NEEDED IS CONSIDERABLE. HOME IS INSULATED WITH RUBBER. SELLER WILL MAKE NO REPAIRS. SALE IS PART OF COURT ORDER OF ESTATE AND NO SELLER’S DISCLOSURE WILL BE AVAILABLE.”

Someone I befriended died and left me $100,000 (net amount). I wish to make the best use of it.

I’m considering a trip to a tropically island and investing in real estate. I need the vacation to escape a most stressful year so far. And I’ve been thinking of flipping fixer uppers for some time now. Any other suggestions?

BTW – I already own a house and car – don’t need another for myself.

One long content marriage or four sizzling short term ones
Wear bright pink pants or loud orange shirt
Have size 16 feet or humongous ears
Stranded on an island with Howard Stern or in New Jersey with a hot star
Date an ugly millionaire or date a nice person who is in debt
Have someone in your life that rubs your back or someone who writes you poetry
Be happy yet broke or miserable and wealth
Like yourself and your flaws or believe you have no flaws
Eat all you want and gain weight or watch what you eat and be thinner
Go on vacation with your parents or with your neighbors
Know you are going to die or live like you are going to die
Go camping by a lake or stay in a hotel and swim in their indoor pool
Live in the busy city or live in the country
Own a house thats a fixer upper or rent a great condo
Have several friends or have a few close friends
Have people be honest with you or lie to you to avoid hurting you
Complete honesty or intermittant honesty

I’ve been researching properties for leasehold and fee simple. I do not have much money, but want to find a small condo or studio in the West Waikiki or Honolulu. Possibly a fixer-upper as inexpensively as possible. Want to use it as a personal vacation space and hopefully a “turn-key” place when not in use by me. Any sound advice as to how to go about this? Any advice is appreciated. Thank you!

I am considering investing in some realestate in Australia (I am from Florida, U.S.) for some vacation property. I’ve always dreampt of owning some property over there, and just having a place to go for a nice getaway with the family would be wonderful for me.

I am wondering what the normal process would be for buying some vacation property over there. My price range will be relatively cheap compared to most (100,000 – 250,000 at most) so I may end up with a fixer upper, or either a very small cottage in a small Australian town, possibly in Queensland (which is where I’ve been looking at properties).

My question is, beside the paperwork and being ready and able to make the purchase, is buying vacation property in Australia a generally easy process? Being new to this (buying vacation property in other countries) I am just wondering if anyone else out there, who has done this, can give me some pointers on what to expect when I am ready to make my purchase. As the buyer, from another country, what should I expect and what should I look out for?

Thanks in advance!

For years my husband and myself want to have a vacation home by the ocean, whether it be in North Carolina or South Carolina.
My co-worker has a trailer, mobile home, in a resort, camping groud, in SC. Some of these are permanent on a site which you pay a lease on, but buy the actual structure.
I got a list of the trailers that are for sale, and they seem so cheap! Sleeps 8, for $49K??? Some of these are real nice too!
But what is the resale value of these properties? Are they easy to get rid of them when you want to sell?
I would assume that insurance is high, along with flood insurance.
Any feedback will be greatly appreciated. Oh, any suggestions on other areas would be great too! Looking not to spend a whole lot. Even a fixer upper would be fine.