Flipping In NC
I was talking with a real estate broker this morning, and she informed me that flipping a property in NC is illegal. She says that buyers must hold on to the property 6 mos before they can resale. Is anyone flipping in NC that can shed some light on this? Or is there another strategy that can be used to creatively get the same results?
Don
Your agent is completley wrong, First order of advice
find yourself an agent that mainly deals with foreclosure property. There is a big difference in a traditional agent and say an agent that list mainly
bank owned property if you are going to do this
business that is the first correction you have to make to be sucessful i.e to get the inside track on property before it is put in the mls by the time it is listed you
are already way behind. First flipping is a term we in this business do not use that is the first sign of a novice / amatuer the correct term is rehabber.
99% of lending instituions will do these deals your borrwer has (A) credit and you go to the prime market ex BB&T , FIRST CITIZENS ETC you do not have to worry about the chain of title which is usually 12months If your borrower has lesst than perfect credit and you have to use the subprime market ex( a local mortgage company that is where your problem comes in. Most sub-prime lenders will do the deal but they will cut the value of the appraisal you had done on the house after repairs sometimes regardless of listed tax value or the amount of repairs you have done. Find a real estate agent who works with investors or you will have a very hard time making a go of this business I have bought and sold many rehab properties here in fayetteville please contact me (see my profile) if you need further assistance (for free Hope this helped.
Thanks to everyone that helped me clear this up. I am in the process of trying to do my 1st deal. So when she gave me that information, I was a little worried. I am glad to see there are others here in NC that are offering their help. Thanks again.
Take it over subject to the existing financing... Problem Solved...
Good Luck!
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What if you sell it on a lease option?!? Can you find a buyer that will rent it out from you, be responsible for collecting any rents for any other people in the place and take care of all maintenance? Is this a possibility?
Good Luck!
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Unique approach!
Problem is still this "rooming house" issue.