Hi guys. Might be in a position to do some flips (on sell to another purchaser prior to settlement) in the near future. As these will be the first I have done would love any tips you have or people such as law firms you may use. Hints from other states will be appreciated but also looking for someone with first hand experience in WA. Thanks in advance.
WA Flips - Anyone with first hand experience?
- Thread starter Kamak
- Start date
Hi
I will also be doing a flip or two this year in WA (before xmas hopefully).
Although I haven't done it yet I figure I'm going to use a standard settlement agent (if you pm me I will give you the details of the one I use, they are very good at doing things that are different from the norm).
I really don't see it being much of a problem except for the fact that in my case I need to secure the buyer before I purchase the property to be flipped (this is a unque opportunatey).
Obviously there will be CGT, the buying and selling costs to take into account and the profit margin I am willing to take (my deals will be around the 100K mark so outlay will not be too much).
I wont be making over 50K so GST shouldn't be an issue.
I really don't think they are that hard.
I will also be doing a flip or two this year in WA (before xmas hopefully).
Although I haven't done it yet I figure I'm going to use a standard settlement agent (if you pm me I will give you the details of the one I use, they are very good at doing things that are different from the norm).
I really don't see it being much of a problem except for the fact that in my case I need to secure the buyer before I purchase the property to be flipped (this is a unque opportunatey).
Obviously there will be CGT, the buying and selling costs to take into account and the profit margin I am willing to take (my deals will be around the 100K mark so outlay will not be too much).
I wont be making over 50K so GST shouldn't be an issue.
I really don't think they are that hard.
Cheeks. If my name never appears on the title and i just on sell the contract would I be up for CGT and the other costs? CGT is far preferable then normal tax rates so am interested how that would work. Am very new to this. Have sent a PM but thought Id ask these questions here as others might benefit from them. Thanks
