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Made money on a house they sold after 1 year?
Posted on 9/2/17 at 12:52 pm
Posted on 9/2/17 at 12:52 pm
My friends bought a house, decided about 9 months later they didn't like it and sold it within a few months and made money? They barely put anything down (and they have no no money so they say) and the house had damages they caused. Just seems odd. Also they rented a new home and moved in already and they don't even close on the house they sold until Oct 1st. Seems risky. They say next year they will by their "dream home. How can they even know that they would be able to.
7
Posted on 9/2/17 at 1:00 pm to Joeyk4
quote:
They say next year they will by their "dream home. How can they even know that they would be able to.
Why do you care? I thought this would be someone asking about taxes on the gain.
You're a nosy little guy aren't you?
Posted on 9/2/17 at 1:42 pm to Joeyk4
Lots of factors that you may not know about. Having dream home in a year means that they may have savings or an income stream that you aren't aware of. The fact that they felt comfortable renting a new house before selling their old tells you that money is coming in somewhere.
It is possible to make money on a home in a short amount of time. Look at areas around BR. In places where lots of flooding occurred, houses that didn't flood are selling for several thousands more.
It's also possible that your friends sense how over interested you are in their business so they blow a little smoke your way.
You'll be better off once you stop caring about what every one else does. Yes, friends with lots of money can be annoying and boast. Make new friends or learn to deal with it. If you're asking about it here then obviously you can't trust them. You don't need friends like that.
It is possible to make money on a home in a short amount of time. Look at areas around BR. In places where lots of flooding occurred, houses that didn't flood are selling for several thousands more.
It's also possible that your friends sense how over interested you are in their business so they blow a little smoke your way.
You'll be better off once you stop caring about what every one else does. Yes, friends with lots of money can be annoying and boast. Make new friends or learn to deal with it. If you're asking about it here then obviously you can't trust them. You don't need friends like that.
Posted on 9/2/17 at 2:15 pm to Murray
Posted on 9/2/17 at 3:28 pm to ellunchboxo
I guarantee you they have no savings. They've asked me for money before. And I don't ask anything about their business....it's posted all over Facebook.
Posted on 9/2/17 at 3:42 pm to Joeyk4
They are probably liars. Fairly common when it comes to money.
Posted on 9/2/17 at 9:31 pm to Tactical Insertion
quote:
They are probably liars. Fairly common when it comes to money.
And Facebook
Posted on 9/3/17 at 6:28 pm to Joeyk4
Uncle Sam says thanks for that profit WE made since they lived there for less than 2 years.
Posted on 9/3/17 at 7:34 pm to Joeyk4
I had family build a house in The Woodlands a few years ago. Appraised it immediately. Ended up getting transferred for jobs and had to sell the house a year later. Their house appraised and sold for 33% more than the original appraisal
Posted on 9/3/17 at 9:51 pm to Upperdecker
quote:
I had family build a house in The Woodlands a few years ago. Appraised it immediately. Ended up getting transferred for jobs and had to sell the house a year later. Their house appraised and sold for 33% more than the original appraisal
They can thank Exxon for that
Posted on 9/4/17 at 1:18 pm to Joeyk4
quote:
decided about 9 months later they didn't like it and sold it within a few months and made money
quote:
they don't even close on the house they sold until Oct 1st
So which is it?
They probably don't realize they owe the realtors 6% and will likely owe taxes also since they sold it in under 2 years. Given that, why are you surprised at a house going up in value? They may have also gotten a good deal on the house.
Posted on 9/5/17 at 1:24 pm to Joeyk4
quote:I did.
Made money on a house they sold after 1 year?
Bought a house in Florida with plans to be there long term. About 8 months later, a great work opportunity became available in Texas, and we sold the Florida home about 11 months after we bought it. I don't recall exactly how much we were able to net from it, but we definitely came out ahead, the home prices went up pretty substantially in that part of town in that 1 year, and we were able to get a great deal when we initially purchased it.
Posted on 9/5/17 at 6:04 pm to shel311
I doubt much was "made", selling for more than purchase price is plausable, recouping all expenses and showing a profit in that time frame is quite dubious barring extreme circumstances.
Lots of folks have quite different definitions when it comes to profit.
Lots of folks have quite different definitions when it comes to profit.
Posted on 9/7/17 at 9:59 am to Joeyk4
They aren't buying no dream house. They almost lost the house and sold it before the bank did. They are renting because they have to.
Posted on 9/7/17 at 11:22 am to ConfusedHawgInMO
quote:
They aren't buying no dream house. They almost lost the house and sold it before the bank did. They are renting because they have to.
LOl, that doesn't all happen in under a year. A foreclosure takes years, sometimes 5 or more.
Posted on 9/7/17 at 3:51 pm to baldona
quote:
LOl, that doesn't all happen in under a year. A foreclosure takes years, sometimes 5 or more.
Yeah I'm sure they didn't go delinquent starting with the 1st payment and even if that is the case, they lender probably hasn't advertised the foreclosure sale yet but I reckon you just don't do that stuff unless you are in trouble.
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