Flipping Properties
Hi to who all that maybe reading this topic that I am posting. I am a newbie in real estate investing a I have a question. I have a property that I am trying to purchase for 130k from the bank and the comps are coming in at 270 and up. what I would like to do is to wholesale the property for like 180-190k with a simultaneous closing. my question is when does flipping properties in this nature becomes illegal? also how much money can I make with a spread like this without it being illegal? Thanks in advance hotbuyer12
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Good luck in trying to purchase a $270K property from the bank for $130K.
But if you can, Wholesaling, or flipping properties at any level of profitability is legal.... as long as the transaction is accurately depicted on the Hud 1.
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Is the property in bankruptcy?
Was the proprty foreclosed on? Were you mentioned in the foreclosure lawsuit?
The fact of an earlier book/page number in public records does not, in itself, guarantee that you are in first position.
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