You may want to check your state real estate and or contracting laws on such transactions. Having a builder, build or sell you a house at a discount and then you turn around and sell it without occupying it for less then a year is illegal in NC.
You can get into a pre construction home in Florida for only $2000. Legal to sell without occupying but you woul dhave to pay a 1% pre payment penalty. Great profits though.
Contary to popular belief it is not illegal in the state of
North Carolina to sell a property if you have not lived in it for a year. What will happen is the lender will cut
your loan to value if they feel you are making a certain amount of profit on the sell. I have vast experince in
rehabs ( professionals do not use the ugly term flip)
to avoid any seasoning issues you need to find a conforming buyer in other word a buyer with a fairly
high credit score considered a paper
I would be interested in obtaining more information about projects you have in the Austin area.
You may email me or call me at your convenience.
Thanks.
Steve Tiemann
**Please See My Profile**
[ Edited by woodsong on Date 09/09/2005 ]
Anyone?
You may want to check your state real estate and or contracting laws on such transactions. Having a builder, build or sell you a house at a discount and then you turn around and sell it without occupying it for less then a year is illegal in NC.
NC_Yank
You can get into a pre construction home in Florida for only $2000. Legal to sell without occupying but you woul dhave to pay a 1% pre payment penalty. Great profits though.
This sounds interesting. More details please.
JohnCl
Contary to popular belief it is not illegal in the state of
North Carolina to sell a property if you have not lived in it for a year. What will happen is the lender will cut
your loan to value if they feel you are making a certain amount of profit on the sell. I have vast experince in
rehabs ( professionals do not use the ugly term flip)
to avoid any seasoning issues you need to find a conforming buyer in other word a buyer with a fairly
high credit score considered a paper
Fayetteville , Nc