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Guest Nicko

Flipping A Home In Charlotte Nc

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Guest Nicko

I have considered buying a home in Charlotte, NC just to resell for a profit. I have been told that I had to hold it for a certain period of time. Is this correct?

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That doesn't right to me, although I am not a resident of NC, and don't have first hand knowledge of their real estate laws. Still, it seems unlikely that an individual who owns a property would not be permitted to sell it at their discretion. Best advice: check with someone local and in the know.

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The only thing I can think of is that some mortgage lenders won't provide financing to a potential buyer for a home that hasn't been 'seasoned' for a period they deem long enough. As MichaelC said, I don't think there are any laws, I think it's just the way certain lenders do business.

 

Jeff

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NC just passed some wierd law concerning LO. I haven't read it because I'm not living in NC.

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I have considered buying a home in Charlotte, NC just to resell for a profit.  I have been told that I had to hold it for a certain period of time.  Is this correct?

 

 

There has been some funny issues with some investing in NC. However flipping is not one of them. You can still flip properties. The type of flipping we are doing these days is not even taking title to the property and having the seller go in direct contract with the buyer we have lined up with the property. Thereby we do not have a title seasoning issue with the lender. On the rehabs that I am doing we are doing an AS IS appraisal and having the same Appraiser do an appraisal after the work is done. When we have a buyer for the property then it is alot easier for the lender to see what has been done with the property. Of course we manage the finance through the whole process. When we get an interested buyer we go ahead and interview the mortgage company to see if the mortgage company can qualify to finance the home, before we even go to contract. I have a little questionair that I will have the Mortgage Company fill out and hopefully have the underwriter sign it.

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Being in NC myself, I am not a ware of any NC laws requiring a person to hold a property for a specific amount of time. Unless something has slipped by the radar, I think the 1 year seasoning for some mortgages may be what you are referring to Niko.

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Flipping is fine in the Tar Heel State.

 

Due to dis-honest sub2 "investors" not making the mortgage payments, they're

into looking to do away with this form of investing there.

 

Currently, you now have to have a license to do sub2 deals there.

I'm not sure about sandwich lease options though.

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Flipping is fine in the Tar Heel State.

 

Due to dis-honest sub2 "investors" not making the mortgage payments, they're

into looking to do away with this form of investing there.

 

Currently, you now have to have a license to do sub2 deals there.

I'm not sure about sandwich lease options though.

 

For anyone who is interested in NC and Subject To Investing:

 

I spoke to Mr. John "Cash" Locke about this problem since he has spoken with Mr. Brodgen of the NC Real Estate Commission. He has many articles on various websites about Sub2 investments.

 

NC Real Estate Commission Answers on Sub-2

 

There is no real estate license required for Sub-2 deals.

 

The article applies to me since I use land trusts in my sub-2 deals.

 

If anyone speaks to "Cash", tell him Daniel said hello. Nevermind, I'll just call him myself.

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You're a $Cash Now$ student too?

 

Nice to meet ya teammate.

 

Take care.

 

:wacko:

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John Locke is a friend of mine. He might even tell you that we got to know each other through an argument. I have the utmost respect for him. John is the type of guy you want on your side in a fight. I've asked him to assist me in marketing my Real Estate Investor's Guide to Pro Se Litigation Program.

 

He will be missed on the seminar circuit. He told me that today, Sept 10, 2005, he will discontinue selling his products on the subject-to buying method because he makes more doing deals.

 

Daniel Ng, JD/LL.B (Honours)

The Transactions Engineer

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He will be missed on the seminar circuit. He told me that today, Sept 10, 2005, he will discontinue selling his products on the subject-to buying method because he makes more doing deals.
I don't know John Locke, nor am I familiar with his Subject To materials. I have heard mostly favorable comments about his products and about him, also. I got a kick out of that quote above, Daniel. If you take a moment to review my seminar schedule, you'll see that I, too, have cut back on my speaking activities. After doing it for about two years, I also came to the conclusion that I could make more money doing deals, than talking about doing deals...by a long shot. So I'm either a lousy salesman, or a smart investor. :wacko:

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John also said he was discontinuing his course is because he

was taking on too many students.

Seeing that he gives you his personal cell # and email address when you

need some help, I don't blame him.

 

So Michael, you actually make $$$ with this stuff? :wacko:

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So Michael, you actually make $$$ with this stuff?
Milking senior citizens of their life's savings has proven to be quite lucrative. :wacko:

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Guys, I've been celebrating this until now. While many on September 11 mourn the loss of a loved one, I went and closed on another Sub-2.

 

A woman has filed for a divorce from her husband and does not want the matrimonial home. The husband gave a quit claim deed and is not a part of the deal. I went with a land trust document and all the necessary forms for a sub-2.

 

The closing lasted for under an hour. Fortunately Commerce Bank is open on Sunday and was available to notarize all the signatures.

 

This morning at 10 AM my documents will be filed at the courthouse and I will control this 3 bedroom, 1 bath starter home appraised for $375K.

 

This has been a truly profitable day. No, I did not evict any little old ladies.

 

Daniel Ng, JD/LL.B (Honours)

The Transactions Engineer

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