Rental Property Investor · Lansing, MI · Member since 2017 · 58 posts · 18 votes
A friend of mine said you can only flip a certain number of homes per year without being a licensed contractor. Similar to how you can only sell X number of cars per year without being a dealer.
I've NEVER heard of this for house flips...
I get that there are limitations to how many mortgages you can hold, and sometimes loans need to be seasoned, etc...so I'm aware of those limitations. But not on the actual buying/selling of properties.
I'm not sure of TX, but I know that Jay Hinrichs mentioned getting tagged for not having a developers license in OR. And it sounded like it applied to flips as well....so maybe look into that requirement in TX, but I would be surprised if they required a license in TX.
@Jason Munger there are no limits on flipping, buying, selling, renting or any other type of REI you want to do.
In some states you can not be your own GC if your going to flip but that’s only if permits are required. You can pull permits for your own primary residence without a license but not for someone else or for a property you’re going to rent or flip. Not every state but several.
A friend of mine said you can only flip a certain number of homes per year without being a licensed contractor. Similar to how you can only sell X number of cars per year without being a dealer.
I've NEVER heard of this for house flips...
I get that there are limitations to how many mortgages you can hold, and sometimes loans need to be seasoned, etc...so I'm aware of those limitations. But not on the actual buying/selling of properties.
BetterPockets family...ever hear of this?
Get some new friends! You are a reflection of the five people you spend the most time with. Your friend clearly knows nothing about flipping or real estate in general.
A friend of mine said you can only flip a certain number of homes per year without being a licensed contractor. Similar to how you can only sell X number of cars per year without being a dealer.
I've NEVER heard of this for house flips...
I get that there are limitations to how many mortgages you can hold, and sometimes loans need to be seasoned, etc...so I'm aware of those limitations. But not on the actual buying/selling of properties.
BetterPockets family...ever hear of this?
Get some new friends! You are a reflection of the five people you spend the most time with. Your friend clearly knows nothing about flipping or real estate in general.
I would invite you and your friend(s) to get educated together! That way, you can help each other grow as investors and REI business people.
I'm not sure of TX, but I know that Jay Hinrichs mentioned getting tagged for not having a developers license in OR. And it sounded like it applied to flips as well....so maybe look into that requirement in TX, but I would be surprised if they required a license in TX.