Anti-Flipping Policy?

8 Replies

I talked to a lawyer in Buffalo, NY today about doing a wholesale deal with him and he said he wouldn't do it because Buffalo had an anti-flipping policy.. I asked him to elaborate and he couldn't he just said for the amount of the deal he wasn't comfortable doing it. This is the lawyer recommended by the reia on their page. Has anyone heard of this that could explain how to get around it or if its even real? Thanks.

I know it exists, but I thought it only applied to properties purchased at the city tax auction.  I'm not sure on that, however.  I believe it's a 90 day hold period required, but it may be as much as 6 months.

I really don't know much about the details, but I know that people wholesale in Buffalo all the time so it must not be a deed restriction applied to every transaction.

If you are wholesaling, your name would never hit a deed record anyway.

@Andrew Schultz

Thanks I figured he just didn't want to do it. Do you know any lawyers in buffalo that I might be able to try?

attorney is only necessary for wholesale deal if your worried you won't get paid.  Otherwise sign an assignment of contract between you and end buyer. 

I can give you a referral for a couple of attrnys I work with who specialize in wholesale deals. 

Also in regards to the "Anti-Flipping" policy - the City of Buffalo warns against people who buy properties at auction and mark up the properties for resale without any work being done. It's very easy to find who they are by doing a deed search. 

@Derrick H.

 Thanks i'll message you for the contact info much appreciated.

@Dev Horn

These will be my first couple deals so i'm kinda stumbling through them. The lady with the second house wanted to use her attorney and he wanted me to have an attorney also. It's been a hassle so far so hopefully i can do the majority of the future deals without attorneys.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.