Someone asked me about this recently and I thought it was the case in some places on the west coast, but now I can't find any info about it.
Flipping is buying and selling property. You can buy and sell real estate freely anywhere in the US. Some cities, counties and states have a transfer tax which is a tax but that’s on transactions but you can buy and sell as much property as you want. Some states are requiring licensing to wholesale which is assigning contracts for a fee but no limits on ownership.
Specialist · Ann Arbor, MI · Member since 2016 · 355 posts · 191 votes
5y
@Greg Dickerson Thanks for your input. Interesting about the wholesaling licensing. I had not heard about that. I think there was a city on the west coast that was imposing something like a 25% additional tax on a property transfer if it was within 12 months of a previous sale. But maybe I dreamt that? Can't find it right now with searching online.
@Greg Dickerson Thanks for your input. Interesting about the wholesaling licensing. I had not heard about that. I think there was a city on the west coast that was imposing something like a 25% additional tax on a property transfer if it was within 12 months of a previous sale. But maybe I dreamt that? Can't find it right now with searching online.
To clarify some states are requiring a Real Estate License to wholesale properties not a wholesale license. I don't think the 25% tax is a thing. That would never pass muster in any state.