Re: Is there a limit… - Posted by Dave T
Posted by Dave T on June 23, 2000 at 23:26:01:
To the best of my knowledge, the number of flips you can do annually is only limited by your ability to close deals. Perhaps you have heard about a limit in a specific context. If so, please post again and someone can give you a more specific answer.
A flip is simply buying a property (at wholesale) and re-selling for a profit (at retail) within a short time. Nothing illegal about this at all. This is the cornerstone of our free enterprise system. The auto dealer, the department store, the grocery store, and any other retail business you can think of all do this.
The bad press lately about property flips involves certain activities designed to artifically inflate the appraised value and defraud the lender. The flip activity itself is not illegal. What is illegal is when the “flipper” resorts to fraud to facilitate the flip.