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Author Topic: Flipping is illegal in Indiana  (Read 8749 times)

Offline Goriller

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Re:Flipping is illegal in Indiana
« Reply #15 on: December 29, 2006, 11:36:12 pm »
When you assign a contract you are doing just that...assigning a Contract.  You are never in the chain of title and you never own the house.  You just collect a fee from your investor and they close on the house.  

That's exactly what I'm telling my title companies. But they all respond back to me with the same answer. "This is Indiana. And in Indiana law if your name is on the original purchase contract, even if you simply sell that contract to another party, that is considered a "flip" and it is illegal to flip a house in Indiana for more than a 6% profit in under 90 days."

So NOW what do I do?

« Last Edit: December 29, 2006, 11:36:47 pm by Goriller »

Offline real estate 001

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Re:Flipping is illegal in Indiana
« Reply #16 on: December 29, 2006, 11:55:35 pm »
 8) WOW i just can not see them basicly  telling you how much money you can make >>>>> are we not the land of the free???

Offline Goriller

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Re:Flipping is illegal in Indiana
« Reply #17 on: December 30, 2006, 01:25:01 am »
8) WOW i just can not see them basicly  telling you how much money you can make >>>>> are we not the land of the free???

Apparently not in Indiana.

Offline Brandon Lambert

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Re:Flipping is illegal in Indiana
« Reply #18 on: December 30, 2006, 11:40:17 am »
Well, then, I would say you need to move from the Soviet Socialist Republic of Indiana.   ;D
Eliminate your competition!!
www.probaterealestatedeals.com

Offline Stjepan

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Re:Flipping is illegal in Indiana
« Reply #19 on: January 04, 2007, 01:14:07 am »
As far as I know a flip is when you buy a property then sell it ASAP.  assigning a contract can not be a flip as you never closed on it.  I would suggest another title company.  For them to tell you that you can't sell it for more than 6% under 90 days on an assignment is telling me they just don't want to work with investors.
Steve Blazevic
480-248-3868
http://www.BlazevicFunding.com

 




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