Flipping Houses for Profit:  Is it legit?

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Turn on the television--especially TLC, Discovery or HGTV--and you'll see people buying rundown houses, fixing them up, and selling them for big money.   "Flip This House", "Flip That House" and "Property Ladder" are raking in big ratings.  But is that for real?

Maybe.  Maybe not.  Some television shows have recently been given a black eye when documentation has shown that some of the "deals" on shows were not real deals after all.  Some were outright fabrications.

But, you can make money buying these houses if you know what you are doing.  First, you have to buy it at a steep discount...much steeper than you will find without hard work.  Also remember that the tax burden on these is not insignificant...depending on where you live and what tax bracket you are in, you can expect to give half of your profit to Uncle Sam.  And, of course, the contractors you use are key.  Some know what they are doing, some do not.  A bad contractor can cost you a lot of money.  Rely on a knowledgeable real estate investor or realtor if you are a novice.

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