Is anyone still doing "flips" - in greater auckland area?

[Orkibi]

Balex Ivan . Every trader must pay 15% GST and income tax anything from 15% - 33% so if you business is profitable you will end up paying at list 30%.

One may have losses to Cary over or offsets. So many people are not declaring or think "I can trade 2-3 before I can declar " etc etc

[BlueSky]

[QUOTE=Bluekiwi;376735]Okay thought I would update progress on these projects:

Made 300k on my key project which settles November.
About to lose 20k on one in Glen Eden

Lessons learnt.
Well to be honest, lessons should already know.
But I blame it on time constraints with full time job (quit and that goes away in October) and time spent in traffic (that also goes).

1. Dont buy houses unless you have viewed them.
2. Stick to an area I know close by.
3. Go on your gut instincts (its an accumulation of all you know) not what people tell you.

They all tie up together actually.
I live in Torbay, stick to houses in East Coast Bays or the shore.
More time looking at houses in this area speaking to agents and attending auctions.
Greater "Feel" for the area.[/QUO


BK,
can you break it down further $300 K into ie PP, reno Cost breakdown, holding costs, etc etc.

Thanks

[Damap]

There is never any substitute for becoming a one area expert for sure. You will always make more money.

[Frezzinghot]

So much easier as well!

FH