I realize it might not be for everyone in that it requires some cash to get started but I look forward to learning more. It’s very much a numbers game, as you’ll hear Roberto explain. The highest long-term capital gains tax rate in 2020 is 20%. They offer loans that finance the acquisition and rehab of a property and they offer competitive rates to prime borrowers. When Roberto started this land investing side hustle at the end of 2017, he did a couple of cash flips. But tell us why you like Las Vegas Sands? That stock skyrocketed 28%. We don't want to read too much into it. I’m not an attorney or CPA, but it sure seems the capital gains would hurt your bottom line, but with the built-in financing, maybe I’m not correct. I’m also an affiliate for his paid program; use code “sidehustle” for $500 off. Good to see you, and happy 2021 to you. I mean, the IPOs are coming out. Where the persistence comes in, is the initial seller outreach. Let's talk about the best markets for fix and flips in 2020 (plus how you can limit your tax liability when flipping … Would I be shocked if we went down? Note: A Side Hustle Show listener / land flipper put together a training course of his own that might be worth checking out. It might make it easier to pull the trigger on buying his course and helping a listener out. It's a coin flip. I believe all of them have a link to a course that a Side Hustle Show listener / land flipper put together. But there are a few ways to invest in land–and real estate–a little more passively. I think the first catalyst you have the downside is the Georgia election, which Wednesday will be the first trading day to react to that. And I think, given where the Asian economies are and the reflationary opening trade, I think Macau is poised for some pretty good growth in 2021. On that next rally, that's when I'd be paring back, I'd be reining in risk. If you buy and sell anything regularly that you don’t use for personal reasons – land, homes, cars, appliances – you will probably be considered as a dealer and your gains will probably be considered ordinary income – from which you can deduct ordinary and necessary business expenses. You're in! As a beginner investor, understanding how to finance a deal is just as important as finding one. Make rotation and flipping reminders, if necessary. I’m also an affiliate for his paid program; use code “sidehustle” for $500 off. And let's remember, and I keep saying the dotcom bubble. Anne-Marie. People bought every decline for the first six months. This is a business model that was first introduced to me by Mark Podolsky, from TheLandGeek.com, in episode 108 of The Side Hustle Show. - Let's talk about some of the stocks you like in this new year. I thought it was a creative way to make money on Facebook! It’s almost like trading paper, in a sense. For example, if a 5-acre property is selling for $10,000 in that county, he’ll send an offer of $2,500 to the owner. Have you considered interviewing him on his course to get more information? I'm a boomer, I didn't know who Little Yachty was. They're mostly money losers, option traders. Look, it's the first trading day of the year. I don't think, regardless of the outcome, if stocks rally on the news, that's a catalyst for another leg higher. CONTACT    BOOKS WRITE FOR US    SPONSOR    MEDIA, Terms of Use | Privacy | Disclaimer | CCPA | Do Not Sell My Personal Information. Led by the leading authority on creative real estate investing in North America, Phil Pustejovsky, Creative Real Estate Investing and Flipping Houses will reveal how you can successfully invest in real estate, regardless of your current financial position, … So that will-- we won't have a crash, we won't have 20% based on that, we'll get a decline perhaps, and then we'll get another rally. Sometimes, flipping a house means the temporary owner has to make a lot of repairs or renovations, and other times it’s owning the property until you can sell it … You actually like Las Vegas Sands right now. ... typically the owner’s house, to wash and clean the car. That’s something to keep in mind when raising or tying up capital in land deals. So do you foresee a drop of that magnitude if that were to happen? I like Las Vegas Sands. When it comes to marketing properties for sale, Roberto said the land sale sites like Lands of America, Land Watch, and Land Modo are great as people are already browsing these for properties, but he’s seen much better success using Facebook and Craigslist. There is. 5 Things Home Improvement Reality TV Shows Don’t Tell You You start off your Saturday morning ready to tackle your to-do list, but somehow you end up on the couch, flipping through TV channels. From that 1-3% of people who get back to Roberto said he closes on at least half of them. The hidden tax secret of being a side hustler is that you can legitimately deduct expenses that might otherwise be considered personal and non-deductible if you are treating your hustle as a business (which you should be doing) where you intend to make a profit, and not treating your hustle as a hobby. I do think, if we do get 4% or 5%, even at 10% decline, I do think it's buyable for another rally. In 2012, Amanda Young bought a property to rent out for passive income. I'm not considered. PAUL SCHATZ: So as I was looking through my list of things I want to buy, things we own-- and we own Las Vegas Sands, full disclosure-- I think, number 1, the Asian economies are much stronger than the economy in the Americas. Learn everything you need to know about it in this owner-financing guide. Roberto pointed out that his offers are contingent on him doing some due diligence. As far as the wording for the offer letter goes, Roberto said he just sends a 1-sided letter with a basic outline of: “Hey, I’m a land investor…if you’re interested in selling your land we’d like to offer you x amount for this [property ID] of x acres.”. It was the perfect job for a mom or anyone who needs a flexible schedule. The Logistics of Managing Dozens of Land Flipping Deals, Join the 65,000 Who Get My Best Stuff via Email, Land Investing Launch Kit (normally $97) free for Side Hustle Show listeners, ways to invest in land–and real estate–a little more passively, 168: The Best Passive Income Model: Raw Land Investing Update (Part 1), 169: The Best Passive Income Model: Raw Land Investing Update (Part 2), acquire parcels of land on the cheap because the owners don’t want them anymore. Yahoo Finance's Alexis Christoforous and Paul Schatz, Heritage Capital President, discuss the market selloff as coronavirus cases rise. If it’s near a town center he can expect to pay a little more than a property in the middle of nowhere for example, and he checks there is easy access to the property. Be sure to grab your free copy of Mark “The Land Geek” Podolsky’s Land Investing Launch Kit (normally $97). 3. My CPA told me to quit giving my money away. And I'm curious if you think small cap stocks, which put in a nice performance last year, are we going to see investors build on that momentum. First, he finds out the exact amount of back taxes and if the sum is significant, deducts this from his offer. I want to get back to the Georgia Senate runoff, what you just mentioned a moment ago. Vehicle Finance Get your credit checked in 3 easy steps. Yahoo Finance The S&P 500 is currently mirroring 2009-2010 to a 'creepy' degree: veteran hedge funder The recovery from the coronavirus crash in … But certainly, material stocks and even energy, I think energy had that thrust off the bottom in that pause phase, they're going to thrash about. If you sell your land on a contract for payments, a portion of each payment may be considered as interest income even if your contract doesn’t state that because of what’s known as “imputed interest.” (Look it up.). So instead of whining that you had to pay a tax, be grateful that you made a 240% ROI! You can contact him at rchavezacosta [at] gmail [dot] com. Once Roberto has a list of properties, he prices them up so he can send an offer to the owner and get a conversation started. And then I think they'll have some more time in the sun, as they've been, gosh, they've been ignored for years. While our team is comprised of personal finance pros with various areas of expertise, nothing can replace professional financial, tax, or legal advice. For example, buy a $10,000 parcel upfront for $2,500, and resell it for $199 a month for 5 years. And what kind of a sell-off might we be talking about here? I think the key would be, we don't want to see people pouring in on the way down. One day of market action after really what was just a hard to describe 2020, doesn't concern me. The fundamental story behind it will catch up with price. “It’s a conversation starter more than anything,” he said. On HGTV's Bargain Mansions, Tamara Day and her dad, Ward Schraeder, renovate and restore homes to their former glory in the greater Kansas City area.. Roberto can see this side hustle becoming a full-time job in the future. … So my range was 4% to 8%, could it stretch to 9% or 10%? “I love the passive income aspect of it,” Roberto said. - I want to stick with the markets now and bring in Paul Schatz, president at Heritage Capital. This is where the passive income comes in as you collect monthly payments for a period of 3-7 years, or whatever terms you agree on. House flipping isn't for the faint of heart. But it can be difficult to remember which way your mattress needs to be rotated/flipped. 2 . Flipping is an awesome business, but it is difficult to scale on massive levels. He does this by looking at how much similarly-sized properties are selling for and offers a quarter of that price. Roberto points out to them that they can have the money in as little as 3 days if they work out a deal. Roberto has also started using Pipedrive to help keep things organized. - Right, it was the nightmare that never ended. Other mattresses may require you to follow a more regular schedule, like rotating every three months. Something went wrong. And I think they developed what we call a thrust, like a rocket ship going up. Now, we're living in certainly atypical times, so anything is possible. Jared was talking about Bitcoin, which melted up from what 10,000 to 30,000 since September. I do think that would lead to another new high run. A successful furniture flipper gains the ability to see the “after” picture in their head, even before they buy. Roberto puts a listing on Craigslist and waits for people who are interested to email him. Now she owns seven rentals and flips "sinkhole" homes to make $125,000 a year. Money Done Right is a website devoted to helping everyday people make, save, and grow money. Now, if we don't have divided government, if Georgia flips both seats blue, I'm going to downgrade my thinking for 2021 and 2022. The parcels of land Roberto buys are not usually listed for sale. A lack of real estate financing continues to hinder the majority of new investors in today’s market, simply because they are not aware of the different financing avenues. I am not an attorney or CPA but have been self-employed since 1985 and know the ropes. Some of the key things you’ll need to find out are: Some counties have a lot of information on their websites to get started with, but Roberto said in most cases he gives them a call or sends a letter asking how to get their delinquent tax roll list and how much it’s going to cost. looking how close utilities are to the property. So, for a 600-letter mailshot that’s about 6-10 purchases that go through. I thought it was a boat in my friend zone. Excellent show Nick. Knowing where to find the friendliest environments for house flippers. And I see the downside is relatively tame given where it could go. Be sure to check out our full list of alternative investments for more. It’s a good analogy though. And I think the cyclical stocks, too, they haven't been as bad as small caps. That's what concerns me coming into 2021, that, at a minimum, best case, the market's going to punish the late comers 4% to 8% short, sharp downdraft. He called it “the best passive income model” because it avoids “the 3 T’s” of traditional real estate investing: tenants, toilets, and termites. On Facebook, he finds all the buy/sell groups for the city/county where he’s selling a property and adds listings to as many of them as he can find. He said you can expect to pay anywhere between $70-$300, and you’ll usually be emailed an Excel spreadsheet to work with. And that normally insulates stocks from these big declines. Most deals are on an owner carry agreement, meaning your buyer will be making monthly payments over the next 3-5 years. To your point about Georgia, I think if the market rallies on the Georgia news, regardless of what the Georgia news is, at least for me that's a good opportunity to take some chips off the table. Larger frames are ideal for local sale, while smaller ones can be shipped to a happy new owner, with or without the painting. (My 19 year old son was just lamenting the cost of property and that he may never be a home or land owner. For example, buy a $10,000 parcel upfront for $2,500, and resell it for $199 a month for 5 years. Depending on the kind of mattress you have and its manufacturer, you may only need to rotate your bed twice a year. I know today we got news that MGM Resorts is looking at buying a British gaming company called Entain. Whether you have access to working capital or not, there are always ways to acquire capital. But when the dotcom bubble burst, small caps, which had been doormats for quarters and quarters, I think since the middle of '98, small caps began to lead. Marketing. Making flipping money by selling online is easier than ever. I could see this as a goal to work toward as I get started with “smaller” hustles. But I think it'd be a much more narrow run than we've seen. Thanks It's not just about the mega cap tech stocks that led in 2021. The premise for flipping cars is that you find an undervalued used car, make sure it doesn’t need any serious repairs, buy it, make the necessary repairs, and then sell it for a profit. He has also automated some of the processes in his business. Looks like I will have to learn the slow, hard way. So I think you've got a lot of opportunities in 2021. After 3 months on the market, he finally gets an offer of $140,000. Tax rules define flipping as “active income,” and profits on flipped houses are treated as ordinary income with tax rates between 10% and 37%, not capital gains with a lower tax rate of 0% to 20%. - All right, great insights, as always, to kick us off on the new year. $2K for his course is much steeper than I expected. ... and pay off debt. - So you know, you've got an Oppenheimer strategist predicting that if the Senate turns Democrat, we could see the S&P 500 sell off by 10%. ), Hi PAUL SCHATZ: And happy 21 to you as well. Contract flipping One way that you can make money from real estate without having to put up very much capital or credit is to flip contracts. PAUL SCHATZ: So a 10% correction, interestingly, the bull market began March 23rd of 2020. Although we will get more stimulus, because Janet Yellen, the queen of money printing, is going to be treasury secretary, and Jay Powell will likely be gone in, what, a year, I don't think the raising of corporate taxes and individual taxes and capital gains, that's a very hard argument to make that the economy is going to do better just because Congress and the Treasury prints some more money. Pre-qualifying online takes just a few minutes. Visit LendingHome. Personal Finance Wealth Management Budgeting/Saving ... Renovating and flipping houses is a time-consuming venture. The first step, Roberto said, is to look where other land investors are selling land and focus on these areas. So I would look to either add to my small caps, take a position in small caps after this decline that I think is coming in the first quarter. This is what Roberto calls, “the hardest part of the business.” Roberto still works a full-time job, he’s sending out 600 offers a month, and balancing the purchase and sale of those deals. When I asked him what his worst deal was, Roberto said it was a deal where he only “doubled his money on terms.” The key is buying at a steep enough discount. PAUL SCHATZ: You know, I came into work today and my 15-year-old son sent me a meme that said, every time little Yachty releases something, the market goes down. While any car selling for $1,000 or less on Craigslist or Facebook Marketplace might seem like a steal, some vehicles are easier to resell than others. Why Are People Selling Land for Less Than Market Value? I think price could have a run to $70 in the first four, five months of the year. I think that’s what separates those who have success in it from those who don’t. Check the “What’s Next?” section above to find it. I'll also send you my free guide: The 5 Fastest Ways to Make More Money. But I do think that will cap what could be an otherwise better scenario over the coming 18 months. The TV host often features her husband, Bill Day, and her four kids on Bargain Mansions. (Look up “hobby losses” on irs.gov.). Who is in charge of assessing property values, What department can give you a delinquent tax roll list, making sure there are no liens on the property, checking for easements or if it’s part of an HOA. Paul. Roberto then takes a good look at where the property is located. Number 2, Las Vegas Sands has a mega position in Macau. I don't think this is a dotcom bubble. You’re not strictly “flipping” the house: When buying a primary residence (where you’re the owner/occupant), you might be able to get funds for both a purchase and improvements using an FHA 203k loan. I also have been a business tax preparer and have taken graduate-level tax courses, something that most attorneys and some CPAs have not done. That's a pretty good move of $58. re-sell them either for a quick cash flip, or more commonly, as an owner-financed sale. Dealing directly with owners who want to sell their land means you ll cut out the middleman, saving both you and the owner money in … I heard all 4 podcasts related to this topic of flipping land. The reason furniture flipping can be so lucrative is because rotten-looking furniture usually sells for cheap. If you liked this episode, I recommend checking out these 3 as well: Find The Side Hustle Show in your favorite podcast player app, or listen in right in your browser. If property owners owe back taxes, a quick cash offer can be appealing. And that's why it kept going on and on and on and on. Business mogul and philanthropist Bill Gates has acquired a monumental farmland portfolio spread across 18 states in the United States, becoming the biggest farmland owner in the country, as per media Look, small caps had a mini-melt-up certainly from the March lows, but more recently post that October 30 bottom. And that's what happened during the dotcom bubble burst. PAUL SCHATZ: The short answer, which I never give, is absolutely yes. If you want to learn more about Roberto and his business, he was kind enough to give out his personal email and said he’d be happy to talk with any of the Side Hustle Nation listeners about land investing. Roberto Chavez started his raw land flipping side hustle a little over a year ago, and with persistence, has already built it into 5-figures of monthly revenue. I always chuckle when people complain that they are giving their money away when they pay capital gains tax. BTW, a competent CPA should know that when you flip land for a living you may need to treat your gains as ordinary income because in the eyes of the IRS and states you may be considered to be a land dealer (look it up). Is there any way this can work in the UK? So that would not shock me. Do I think it's going to 12%, 15%, 20%, I don't. 3 . So he said to me, it's not Georgia, it's Little Yachty. In his sales copy, he points out that for a small low down payment of $250 or less and for a low monthly payment of $199, the buyer can become a landowner. It’s also a much quicker and easier way for the landowner to sell than going through property websites and doing a lot of the work themselves. All of these things change how much he will pay for the property and market it when flipping it. But you all the different phrases-- the January barometer, the January effect, talks about how the month starts could set the tone for the rest of the year. House Flipping Calculator Inputs. Make sure to check your email (including spam/promotions) for your free welcome gift. But a 10% decline these days is what-- it can happen in a week, 10 days. In addition to showing off her construction and design skills on the show, Tamara shares her personal life as well. 1 . Flipping a car involves finding a good deal on a vehicle, buying it, and then reselling it at a higher price. But I don't think that's the case now. You typically don't see a double digit decline in the first year of a new bull market. In that scenario, your total payments collected would be almost $12,000, and you’d breakeven on your initial investment after about a year. FHA loan rules include a definition of what the FHA considers to be flipping. The car may also need repairs to get the most money for it when you sell it. I asked if he ever goes out to see the properties he’s buying, and he told me that 95% of his raw land purchases have been sight unseen. Paul Schatz, president of Heritage Capital. - One place you're seeing opportunity, Paul, is casino stocks. Raises funds from individual investors to finance additional stake buy. Thank you. Understand what constitutes a substantially renovated house and whether it would qualify for a first home owner grant. Meaning that for every $1 paid into the vending machine, the vending machine owner receives 2.4 cents after accounting for expenses such as the costs to reload and service the machine. He gave his email out during the interview. (This percentage was reported in 2011, but … Because up until now, it looks as though investors have been banking on a divided Congress under Biden. Occasionally he’ll hire someone close to the property from Craigslist to go and take pictures to help when he’s selling it, but that’s as close as he gets to most of his purchases. So Q2 to Q4 for small caps, quarter 2 to quarter 4, small caps lead. For instance, he recommended GeekPay as a tool to collect the monthly payments on land he’s sold, which saves him from chasing checks every month. This is a side hustle that requires some upfront capital to buy these property parcels, and interestingly you’re not typically making a quick cash flip. I think the market came in, people wanted to sell, lock in some gains they didn't want to take last year. “It’s an easy, fast way for people to get rid of land they’re not interested in holding anymore,” Roberto said. It will be money well spent. How much could that be a catalyst for this market? So before you take the plunge into asset flipping or any side hustle, get some advice from a competent business advisor. This is where the passive income comes in as you collect monthly payments for a period of 3-7 years, or whatever terms you agree on. But you know what makes it a little easier? With the right approach, thrift store flipping – the practice of purchasing items from a thrift shop with the intent to resell them – can go from a hobby to an income stream. An antique store owner in Canada discovered that a hoarder was hiding a literal fortune in their home. He’s now at the point where his monthly revenue is enough to finance his other purchases. I am going to show him that it IS possible and may just make him a decent income too! We're talking correction territory there, Paul. But is it likely that today started it? That's number 1. Working in the public service Human resources Finance and procurement Information and communication technology Service delivery and community ... ‘Flipping’ a property. There are a few websites that can help you do this, including: Once you find an area with movement (people buying and selling land), the next step is to reach out to the county and start doing some due diligence. “The theory is it’s more likely that those people are willing to sell their property than somebody who doesn’t owe back taxes and lives in the same county where the property is located,” Roberto explained. Instead, he ends up making unsolicited offers on the properties after finding areas and owners that may be interested in selling. In 2017, I made over $5,000 per month flipping items for money. The “low hanging fruit” on the list are raw land properties where the owner owes back taxes, and their mailing address is in a different state. With regards to baseball, I believe striking out 70 times out of 100 is considered good and 97 out of 100 not so good : ) Today there are more platforms to sell on, more money making apps to use to price and sell your items, and more places to purchase items to flip. Excellent interview many thanks Hi sirs,I want information on how to flipped land thank you. re-sell them either for a quick cash flip, or more commonly, as an owner-financed sale. If you buy a capital asset (look up the definition) for $25 and sell it a year or more later for $100 you gross $75. If the owner were to sell a property for $10,000 but they know the realtor will take a portion of this price, they will often bump the price higher to cover the costs. He’s recently taken on a virtual assistant to help manage the buying side, so he can spend more time on flipping his inventory. To get an idea of what this will cost you, you can contact the previous owner for a breakdown of the average monthly utility bills. But listen, we have all this greedy euphoria, people poured in. But some of these users, like 23-year-old Ramy Halloun, have made flipping Instagram FB, -0.06% pages their full-time career. Flipping houses is generally not considered passive investing by the IRS. The now-exhausted flipping houses tycoon puts it on the market for $150,000 and after 2 months, has no bites. Getting the word out that you’ve got a recently renovated property for sale may not be as easy (or cheap) as you think. As mentioned above, the final step is where the difference in the two strategies occurs. Happy new year. When they pay capital gains tax rate in 2020 is 20 %, 20 % Management Budgeting/Saving... and... By looking at buying a British gaming company called Entain Roberto said, is absolutely yes off construction... Those injected some quick profits into his business, and resell it for 199. Land Roberto buys are not usually listed for sale because the owner had a job relocation would also be from! 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