Posted by DB on September 03, 2002 at 14:57:54:
~nt~
FLIPPING: Is this really legal? - Posted by Reece
Posted by Reece on September 03, 2002 at 12:27:57:
Obviously from the title of my post, I’m VERY new to RE investing. I’m reading through everything on this GREAT website. I’m asking lots of questions of people that I encounter who are in the business. But, it seems that I always get a negative response about flipping. I’ve even heard that it’s illegal or it’s about to become illegal. (I’m in Georgia.) Can anyone tell me if this is true? Also, I’m looking for study materials on the subject of flipping. I’m interested in Steve Cook’s “Wholesaling for Quick Cash”. Is this a good choice for a beginner? Any other suggestions on study materials? Thanks for your help!
Re: FLIPPING: Is this really legal? - Posted by Kylee
Posted by Kylee on September 03, 2002 at 14:06:18:
Let’s all just start calling it “Wholesaling”, it will eventually become the national phraseology, and we can end this confusion.
Re: FLIPPING: Is this really legal? - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on September 03, 2002 at 13:08:46:
You buy something, then you sell it for a profit, this is what this country is made of. Capitalism. Flipping something, no matter if it is a house, a car, a widget, or even a hambuger; is not illegal.
What is illegal is committing fraud for which the term flipping has been used with. Flipping is not illegal, but fraud is. The cases normally include the conspiracy and cooperation of a multiple of people to commit that fraud.
Even in your own message, you are looking at “Wholesaling for Quick Cash”. This is just another term. Term, flipping, is getting a bad rap in the public’s eye thanks to the media; but it is not illegal to take opportunities and turn that opportunity into cash.