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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: No limits Posted by TC - NC on April 04, 2002 at 8:56 AM In Reply to: No limits posted by Ward-CA- on April 03, 2002 at 6:16 PM : : I have a question that someone posed to me. : : Is there a limit to the number of houses that you can buy and sell in a year without having to have a contractor's license? : : It's my understanding that as long as you buy the home in your name, and do the work, then sell it ... that you can do as many as you want. : : But someone is telling me they think there is a limit until you must have a contractor's license. : : Please help? : =•=•=•=•=•=•=•=•=•=•= : TC, : I know of several trainees of mine that buy 200 or more foreclosures in a year and vest them into individual trusts and they don’t have a contractor’s license. So I wouldn’t put much stock into what others are telling you. =•=•=•=•=•=•=•=•=•=•= That's what I could pick up from the forum you provide here but I just thought I'd ask in my own language to make sure. What are the laws or guidelines as they pertain to requiring a real estate license? Does that get a little tricky? From my understanding, if you buy it in YOUR NAME and sell it .. you don't need a RE license either. Also, I know there are tax rules that if you invest the money back into a house before a certain amount of time, there are no capital gains taxes. Am I right here? I can't seem to find much info anywhere on this. And I've read somewhere that if you buy and sell over a certain low limit of houses a year, it's considered a business no matter what and you must claim income. Any insight or websites you know of pertaining to that? Thanks for your help and the forum you provide. -TC Follow Ups: Re: No limits Ward-CA- 11:32 AM, 04/04/02 (0) Re: No limits Sean Wagle 10:29 AM, 04/04/02 (1) Re: No limits TC - NC 11:55 AM, 04/04/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : I have a question that someone posed to me. : : : Is there a limit to the number of houses that you can buy and sell in a year without having to have a contractor's license? : : : It's my understanding that as long as you buy the home in your name, and do the work, then sell it ... that you can do as many as you want. : : : But someone is telling me they think there is a limit until you must have a contractor's license. : : : Please help? : : =•=•=•=•=•=•=•=•=•=•= : : TC, : : I know of several trainees of mine that buy 200 or more foreclosures in a year and vest them into individual trusts and they don’t have a contractor’s license. So I wouldn’t put much stock into what others are telling you. : : =•=•=•=•=•=•=•=•=•=•= : That's what I could pick up from the forum you provide here but I just thought I'd ask in my own language to make sure. What are the laws or guidelines as they pertain to requiring a real estate license? Does that get a little tricky? From my understanding, if you buy it in YOUR NAME and sell it .. you don't need a RE license either. : Also, I know there are tax rules that if you invest the money back into a house before a certain amount of time, there are no capital gains taxes. Am I right here? I can't seem to find much info anywhere on this. And I've read somewhere that if you buy and sell over a certain low limit of houses a year, it's considered a business no matter what and you must claim income. Any insight or websites you know of pertaining to that? : Thanks for your help and the forum you provide. : -TC Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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