Craig 0 Report post Posted December 29, 2004 I was talking with another real estate investor the other day and he made reference about the laws being changed regarding FLIPPING HOMES effective January 1st. He wasn't detailed as to what changes are forth comming. Has anyone heard of this from other sources? Share this post Link to post Share on other sites
Kimberly 0 Report post Posted December 29, 2004 HUD's Revised Restrictions Share this post Link to post Share on other sites
Dave T 0 Report post Posted January 3, 2005 Craig, There is no federal "law" regarding flipping. Flipping is legal. There is a HUD Regulation that requires title seasoning for FHA insured loans. Other lenders have also modified their underwriting guidelines to incorporate title seasoning requirements into their lending practices. The HUD regulation has been out for a couple of years now, and the latest change only clarifies that the title seasoning requirement does not apply to a seller of recently inherited property, nor to federal agencies or lenders selling property taken in foreclosure. Otherwise, all the previous requirements are unchanged. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted January 3, 2005 It doesn't take effect till Jan 23, evan still dave t is right. It wasn't new just fixed some opppses.... If you are going to flip than just tell the buyers they need conventional financeing, I did and only owned it 59 days. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted January 5, 2005 This just doesn't effect us....simple as that.Flip away!Adam Share this post Link to post Share on other sites
-Tony- 0 Report post Posted January 5, 2005 Adam, come on your telling me you wouldn't flip a house..... I mean a legal flip, I did one in june made 20k. I am looking at one closing Friday for 43k. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted January 5, 2005 Tony,Sorry dude, I should have been more specific. I have and will always flip properties. What I meant was that these laws were developed to stop crooks. And unless we feel like we're in that category, we have no problem. And by the way, $43K!?!?!?!?! SWEET!!!!Cool stuff,Adam Share this post Link to post Share on other sites
BEV! 0 Report post Posted January 5, 2005 I am looking at one closing Friday for 43k.Awesome Tony!! I say we celebrate your victory on this deal at the bar and PIN this deal under the "Deal Of The Month" section Sounds like a plan to me! All those in favor say AYE!! CYA at the Naked Bar, Gang! Share this post Link to post Share on other sites
Cliff 0 Report post Posted February 25, 2005 State Laws >>> Check State Laws Here in IA the state law says blah blah till this sentance.... your allowed to FLIP upto and only 5 homes, properties etc after that you need a RS Broker Lic. Share this post Link to post Share on other sites
-Tony- 0 Report post Posted March 1, 2005 but after the 5th you have enough capital to buy in a LLC, and sell up to 5 more, then form another LLC and so on. there are ways around everything Share this post Link to post Share on other sites
Brian - L.V. 0 Report post Posted March 1, 2005 but after the 5th you have enough capital to buy in a LLC, and sell up to 5 more, then form another LLC and so on. there are ways around everything Ahh.......tricky American. Nicely done! Share this post Link to post Share on other sites
<Steve> 82 Report post Posted March 1, 2005 Tony you're American? Share this post Link to post Share on other sites
