how do I respond when told flipping is illegal... - Posted by tranbient

Real Estate Investing Real Estate Financing
1

Posted by Mike (NY) on August 26, 2003 at 19:06:13:

Flipping is only illegal if you are in collusion with a realtor, a mortgage broker, and someone in construction to over inflate the value of a house after some cheap and shoddy repairs, and then rip off some poor sod.

Best wishes,

Mike Pine
email: Michael_Pine@yahoo.com
AIM: Mortgagrbroker71

2

how do I respond when told flipping is illegal… - Posted by tranbient

Posted by tranbient on August 26, 2003 at 13:58:06:

A realtor responded to my ad today and when I talked to him and told him I was interested in flipping houses by assignment of contract or a double closing his response was that I would be brokering without a license and that this is illegal. Is this true, and if not what is my best reponse to this?

thanks,

T

3

Re: how do I respond - Posted by Lou

Posted by Lou on August 27, 2003 at 21:21:40:

Just tell him he needs to do his homework. Like you did when you talked to your attorney and verified what you were doing was legal. You should have an attorney anyway to verify all your ducks are in a row and that your contracts are tight. It’s usually free if you close the deal with them.

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Re: how do I respond when told flipping is illegal - Posted by Mike(NY)

Posted by Mike(NY) on August 27, 2003 at 15:03:09:

As long as you have some money in the deal this is not an issue. Check with a RE Lawyer in your area to find out what an acceptabe payment for consideration is.

Best wishes,

Michael Pine
email: Michael_Pine@yahoo.com
AIM: Mortgagebroker71