Flipping in North Carolina

[jackvdo]

What is the name of your state?What is the name of your state? North Carolina

I recently moved to North Carolina from California for the specific reason that I could not afford to get into the California real estate market. I am closing on my first home here, a HUD foreclosure, which I am planning on renovating and reselling, probably in a 6 to 9 month time frame. I have read in a couple of places and been warned by a couple of people that North Carolina is very unfriendly to flippers. One mortgage broker suggested that I fully document the renovation and employ the original appraiser to take pictures during renovation and document the renovation as well, which I will probably do.

My question is since I am receiving these warning signs, I assume North Carolina has some laws and regulations regarding flipping properties. As yet I have been unable to find the specific laws and the details on them.

Does anyone out there have details on North Carolina law as it pertains to flipping real estate or can you possibly direct me to a web site that does?

[HomeGuru]

Originally Posted by jackvdo

What is the name of your state?What is the name of your state? North Carolina

I recently moved to North Carolina from California for the specific reason that I could not afford to get into the California real estate market. I am closing on my first home here, a HUD foreclosure, which I am planning on renovating and reselling, probably in a 6 to 9 month time frame. I have read in a couple of places and been warned by a couple of people that North Carolina is very unfriendly to flippers. One mortgage broker suggested that I fully document the renovation and employ the original appraiser to take pictures during renovation and document the renovation as well, which I will probably do.

My question is since I am receiving these warning signs, I assume North Carolina has some laws and regulations regarding flipping properties. As yet I have been unable to find the specific laws and the details on them.

Does anyone out there have details on North Carolina law as it pertains to flipping real estate or can you possibly direct me to a web site that does?

**A: NC had a huge following of Flipper and i am waiting for the old reruns.

[acmb05]

Originally Posted by jackvdo

What is the name of your state?What is the name of your state? North Carolina

I recently moved to North Carolina from California for the specific reason that I could not afford to get into the California real estate market. I am closing on my first home here, a HUD foreclosure, which I am planning on renovating and reselling, probably in a 6 to 9 month time frame. I have read in a couple of places and been warned by a couple of people that North Carolina is very unfriendly to flippers. One mortgage broker suggested that I fully document the renovation and employ the original appraiser to take pictures during renovation and document the renovation as well, which I will probably do.

My question is since I am receiving these warning signs, I assume North Carolina has some laws and regulations regarding flipping properties. As yet I have been unable to find the specific laws and the details on them.

Does anyone out there have details on North Carolina law as it pertains to flipping real estate or can you possibly direct me to a web site that does?

There are no laws regarding FLIPPING real estate in NC. However the advice you got was very good. Make sure you document everything. Make sure every phase of the project gets inspected and passes before continuing on. to the next phase.

Btw what you are doing is renovating not flipping. Flipping would be just buying the home cheap at auction and reselling without any improvements or anything which can get you in trouble sometimes if the house has major defects.

Originally Posted by jackvdo

What is the name of your state?What is the name of your state? North Carolina

I recently moved to North Carolina from California for the specific reason that I could not afford to get into the California real estate market. I am closing on my first home here, a HUD foreclosure, which I am planning on renovating and reselling, probably in a 6 to 9 month time frame. I have read in a couple of places and been warned by a couple of people that North Carolina is very unfriendly to flippers. One mortgage broker suggested that I fully document the renovation and employ the original appraiser to take pictures during renovation and document the renovation as well, which I will probably do.

My question is since I am receiving these warning signs, I assume North Carolina has some laws and regulations regarding flipping properties. As yet I have been unable to find the specific laws and the details on them.

Does anyone out there have details on North Carolina law as it pertains to flipping real estate or can you possibly direct me to a web site that does?

Please excuse the catatonic clown..Flipper is doing a rerun in their mind.
From the info you have provided it appears you're merely making an investment in property, making improvements, and selling it.

[HomeGuru]

Originally Posted by Trucking Mad

Please excuse the catatonic clown..Flipper is doing a rerun in their mind.
From the info you have provided it appears you're merely making an investment in property, making improvements, and selling it.

**A: in their mind?

[Ohiogal]

Originally Posted by HomeGuru

**A: in their mind?

Apparently he thinks you are more than one person which leads me to believe he is delusional. Unless you really are -- then you hide it well.

[HomeGuru]

Originally Posted by Ohiogal

Apparently he thinks you are more than one person which leads me to believe he is delusional. Unless you really are -- then you hide it well.

**A: well, since the HomeGuru is equivalent to having the brains of many people, the reference is then justified.