Posted by Nate on March 20, 2001 at 12:55:36:
I agree…the word “flip” should not enter the conversation.
You are not flipping. You are buying and selling. No real estate agent has a problem with buying and selling, believe me! 
NT
Flipping…Legal??? - Posted by Robby_ATL
Posted by Robby_ATL on March 19, 2001 at 22:45:00:
I have run across quite a few Realtors, lately, that run out the door when you mention flipping a property.
I understand how flips can be done illegally and the 2nd buyer bolts on the motgage and a foreclosure soon follows, but are flips actually legal now or not.
How can I approach a realtor or closing attorney and explain what I am doing is legal and above board?
Thanks in advance
RobbyATL
Flipping - bad!!! - Posted by TheMadDog
Posted by TheMadDog on March 20, 2001 at 20:17:25:
Hi Robby,
Buying and selling - or “wholesaling” - good!!!
Flipping has a bad connotation of late - due to the various scams that have been perpetrated in its name.
Always put a positive spin on what you do - and staying away from negative terms like “flipping” and you’ll do fine.
Take care,
TheMadDog
Re: Flipping…Legal??? - Posted by JoeS
Posted by JoeS on March 20, 2001 at 06:16:08:
Here in NY the term flipping has caused all but a couple of lenders and note buyers to flee the state. Like Brian said, ficticious loans, appraisals, and documents have caused a lot of problems, and have been done by the “big guys”, usually not by the little guy trying to eek out a living in a business that is truly rewarding. As far as telling a realtor what you are doing, it is really none of their business what you plan on doing with the property. Until you build a relationship with 1 or 2 agents who will work with you, it may be a little tough at first. Persistence and assembling a good team will pay off.
Re: Flipping…Legal??? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on March 19, 2001 at 23:27:14:
For starters, don’t use the word “flip” around a RE agent or closing attorney. Instead, talk about wholesale vs. retail. Use examples if they are particularly slow-witted. Talk about how the grocery store, car dealer, WalMart, etc. all buy goods at one price and sell at a higher price to make a profit. Nothing wrong with that. You are looking to do exactly the same thing.
Flipping per se is NOT illegal, regardless of the fact that innumerable brokers, agents, title companies and probably attorneys will try to tell you otherwise.
What IS illegal is loan fraud, where inflated appraisals, phony seconds and all sorts of shennanigans are employed to induce a lender to make a loan above the value of the property, which will likely never be repaid.
Unfortunately, a few bad actors have given the whole process a black eye, causing many lenders to respond in a knee-jerk manner by declaring they won’t finance a non-seasoned sale.
To read more about it than you probably care to, go to this site’s search engine and enter “flip”. You’ll be reading for days.
Brian (NY)