THE MAGICAL MYSTERY TOUR OF FLIPPING HOUSES - THE "FLIP" CLUB - Day 2

Did you read my first blog?  Still interested in flipping houses? I hope you've come back to get ALL the facts!  There will probably be someone out there that will say "Oh, he didn't mention this or when I flip houses I do it this way"  All I can say to that is "good for you!"

LAWYERS

Like 'em? No problem.  Hate 'em? - get over it!!  You need them.  If you talk to someone that has said "Oh I saved money by doing it all myself and didn't need a lawyer."  Have that same person sit in a chair and have them insert a filling in their own tooth because they must be smart enough to be a dentist as well.

GET OVER IT AND PAY A GOOD LAWYER TO DO THE REAL ESTATE TRANSACTION!!!

Due diligence means shop around.  Ask for references. Ask questions. Get quotes including HST.  Ask people who they use.  Get ALL the facts.  The bottom line for lawyers is this - the secretaries do most of the work and there are some great ones and some of them drop the ball and can screw up a deal big time!  Good lawyers know the law and know what pitfalls a buyer or seller can put themselves into in a real estate transaction - talk to them, ask them questions!   DUE DILIGENCE!

Cost of lawyers is approximately:

To buy a house it will be around $1,500 plus HST

To sell a house it shouldn't be more than $1,000 plus HST

If you can get it a little cheaper....great.

So now purchasing a $100,000 property will cost

$100,000 + LTT ($725) + Lawyers {Buying it and then Selling it}[$1,695 and $1,130] = $103,550

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Mike Evans

Mike Evans

Sales Representative
CENTURY 21 Lanthorn Real Estate Ltd., Brokerage*
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