FLIPS and Rehabs
Question from Randy:
When I buy a house to rehab and flip,
I enter the expenses of the rehab,
Do I enter it as an repair expense?
I do a close out report and I am showing a Capitalized expense,
I do not know how It got there. Help Please
Randy
ANSWER from Mike
I enter the expenses of the rehab “Improvements”
– NO, NO, NO
– when you buy any property,
everything and anything you do to or on this property…
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