deducting part of your rent or mort- gage for your home office, utility bills, and any home supply purchas- es can all be factored as tax deduct- ible for the purpose of running your business. Do repairs before the end of the year — If hiring a contractor to do repairs on the property, have the work finalized before the end of the year to ensure that the tax deduc- tion is factored in. Things like fixing heating and air conditioning units, fences, or pipes can be tax-deduct- ible costs for flippers. They are also much quicker, short-term projects that can be easily finished with little to no lag time. Hire a professional — Tackling taxes for real estate investments is no small feat. Rather than leav- ing it to DIY software, consult with an accountant or tax advisor about your unique situation. Additionally, don’t wait until tax season is in full swing to get things in order. Gather, organize, and store all the appropri- ate documents so that when the time comes, the process is as seamless as possible. WHAT PITFALLS TOAVOID WHEN FLIPPING Real estate investing, like any other business, requires time, mon- ey, and effort. No one launches a business without a vision or goals in mind and flipping houses shouldn’t be approached any differently. While flipping is an excellent way to grow a portfolio, become well-versed in the real estate industry, and yes, make money, it’s still not a guarantee of getting rich. Before jumping all in, it’s import - ant to have your financial ducks in a row. Do your research on the different financing options available

to you and which ones make the most sense for your long-term and short-term goals. While one financ - ing option is great for a soon-to-be- landlord, it might not be ideal for a fix-and-flip investor. Knowing the pros and cons of each option is criti- cal for starting off on the right foot. As an investor, time management and ensuring that the project stays on track is of the utmost importance. That means not only factoring in your own timeline—which can fluctuate based on your circumstances, i.e. are you employed or is this investment your full-time job? —but that of any- one you outsource work to. Contrac- tors, real estate agents, tax advisors, and inspectors will all most likely be pulled in at some point in the flipping process. And don’t forget the length of time it can take to sell the prop- erty. For those considering quitting their jobs to focus solely on flipping projects, having a set timeline, bud- get, and strategy is critical to ensur- ing you don’t hit hard financial times before the job is done. Without risk, there is no reward. Knowing your options, the market, the community, and understanding the pros and cons of flipping prop - erties is the only way to put 100% of your work into your next venture. • Matthew Schlegel is Director of Sales at Temple View Capital, a national private portfolio lender that offers flexible financing for investors in residential real estate. Founded by entrepreneurs with more than 20 years of residential mortgage and real estate investment experience, Temple View has been at the forefront of innovative product development since its inception. Utilizing a common-sense underwriting approach, deep commitment to customer service and a well- capitalized balance sheet, Temple View enables real estate investors, correspondent lenders and brokers nationwide to optimize financing efficiency on real estate investment projects and rental properties.

larger margin and reduce the possi- bility of losing money. Is 70% the end all, be all number? No, but the idea is to do the math on any property and come up with a calculation that suits your current budget while still delivering on your long-term flipping goals. TIPS FOR FIX-AND-FLIPTAXES Maximize deductions — Most soft costs, that is, those associated with renovation expenses from labor to materials, are often the obvious items that are tax deductible. How - ever, if you are a full-time investor who is flipping and selling multiple properties in any given year, you are classified as a business, and that in turn opens more doors for what can be considered soft costs. Things like

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