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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Thank you. Can you define flipping? Posted by Amanda G on November 21, 2003 at 9:36 AM In Reply to: can someone explain this to me? Hi Ward! posted by AmandaG on November 20, 2003 at 6:48 PM Thank you ward. 1. If I bought for my own account and then sold them, a few days later because they began performing, is that flipping? 2. Can I do that several times or is there a limit? 3. What if I bought a note with the intention to bid it up at sale, couldn't find the funds, and sold it to another investor? 4. In a nutshell, what would be considered flipping? Thank you! : I want to buy non-performing loans and occasionally flip them. Can I do that in Ca? Is there a limit? Is there a limit on the JBB biz? I know supposedly I don't have to be a broker, but what does this mean? Thanks in advavce. : 10131.1. A real estate broker within the meaning of this part is : also a person who engages as a principal in the business of buying : from, selling to, or exchanging with the public, real property sales : contracts or promissory notes secured directly or collaterally by : liens on real property, or who makes agreements with the public for : the collection of payments or for the performance of services in : connection with real property sales contracts or promissory notes : secured directly or collaterally by liens on real property. : As used in this section, "in the business" means any of the : following: : (a) The acquisition for resale to the public, and not as an : investment, of eight or more real property sales contracts or : promissory notes secured directly or collaterally by liens on real : property during a calendar year. : (b) The sale to or exchange with the public of eight or more real : property sales contracts or promissory notes secured directly or : collaterally by liens on real property during a calendar year. : However, no transaction negotiated through a real estate licensee : shall be considered in determining whether a person is a real estate : broker within the meaning of this section. : As used in this section, "sale," "resale," and "exchange" include : every disposition of any interest in a real property sales contract : or promissory note secured directly or collaterally by a lien on real : property, except the original issuance of a promissory note by a : borrower or a real property sales contract by a vendor, either of : which is to be secured directly by a lien on real property owned by : the borrower or vendor. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Thank you ward. : : 1. If I bought for my own account and then sold them, a few days later because they began performing, is that flipping? : 2. Can I do that several times or is there a limit? : 3. What if I bought a note with the intention to bid it up at sale, couldn't find the funds, and sold it to another investor? : 4. In a nutshell, what would be considered flipping? : Thank you! : : I want to buy non-performing loans and occasionally flip them. Can I do that in Ca? Is there a limit? Is there a limit on the JBB biz? I know supposedly I don't have to be a broker, but what does this mean? Thanks in advavce. : : 10131.1. A real estate broker within the meaning of this part is : : also a person who engages as a principal in the business of buying : : from, selling to, or exchanging with the public, real property sales : : contracts or promissory notes secured directly or collaterally by : : liens on real property, or who makes agreements with the public for : : the collection of payments or for the performance of services in : : connection with real property sales contracts or promissory notes : : secured directly or collaterally by liens on real property. : : As used in this section, "in the business" means any of the : : following: : : (a) The acquisition for resale to the public, and not as an : : investment, of eight or more real property sales contracts or : : promissory notes secured directly or collaterally by liens on real : : property during a calendar year. : : (b) The sale to or exchange with the public of eight or more real : : property sales contracts or promissory notes secured directly or : : collaterally by liens on real property during a calendar year. : : However, no transaction negotiated through a real estate licensee : : shall be considered in determining whether a person is a real estate : : broker within the meaning of this section. : : As used in this section, "sale," "resale," and "exchange" include : : every disposition of any interest in a real property sales contract : : or promissory note secured directly or collaterally by a lien on real : : property, except the original issuance of a promissory note by a : : borrower or a real property sales contract by a vendor, either of : : which is to be secured directly by a lien on real property owned by : : the borrower or vendor. 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