Quote:
Originally Posted by mikeivb
I think that alot of people think that is really easy to flip houses and make tons of money, but I know people wh have actually lost money trying to flip properties.. one person I know who sold a property for 50k more than what they paid within a couple years, but in the end only made around 10k due to carrying costs, realty fees, etc...
|
I think most people don't account for all their costs even when selling their own place. For instance after all fees I'm only going to walk away with $67K total profit after 6 years of ownership, even though I'll get $105K difference between selling the house and the remaining mortgage. CMHC fees, commission, lawyer x 2, taxes, renovations, original downpayment, ... all adds up.