Posted by William Bronchick on November 23, 2003 at 19:37:20:
Flipping is not illegal anywhere. Some lenders and title companies won’t do double-closings because of ignorance. They simply don’t understand the difference between a double closing and something that the news media has distorted (as described in my book). Ask some other investors for a recommendation of a title company.
As for the name issue, you cannot use a name that another company is already using. Incorporating it does not give you superior rights to the name.
Bill Bronchick - Posted by Josh
Posted by Josh on November 23, 2003 at 11:21:04:
I live in south forida and am reading as much as I can about Re investing. I have 2 questions for you.
What are the legal ramifications of doing business under a company name if someone else’s company has the same name.
Will icorporating take care of this? and if so, how.
I have read and have spoken to several people(including the owner of a large title company) about flipping and double closings. they are telling me that they won’t do it because it’s illegal. I have read books and articles on this website that indicate the opposite.
Do the laws on flipping vary from state to state or do they cover the entire U.S. i.e. legal in CO but illegal in FL.
I tend to think that the title company and other investors in the area may be telling me this not because it’s illegal but because of their other personal reasons.
Am I off base?
P.S. I just read your book “Flipping Properties” Great book Bill.