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    sheeba's Avatar
    sheeba Posts: 1, Reputation: 1
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    #1

    Jan 10, 2007, 03:24 PM
    Real estate licensing issues
    Hello everyone I have a question regarding a realestate licencing. I have recently become involved in an area of realestate where I buy and sell homes using none of my own money. My problem is that I am not a licenced agent or broker. My lawyer says that I need a licence to do these types of transactions because it is essentially flipping properties. But the people who are teaching me this program say I do not need a licence because I am not making a commission, I am buying low and selling hi. My question is Who is right? Licence or no licence?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jan 10, 2007, 04:06 PM
    Quote Originally Posted by sheeba
    Who is right? Licence or no licence?
    Hello sheeba:

    You're right.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #3

    Jan 10, 2007, 04:41 PM
    First it all depends, First on your specific state laws and exactly what you are doing and how you are doing it.

    Rist if you are buying the property, and putting it in your name, and then selling it, you don't have to have a real estate license, since you are merely buying and selling your home property.

    ( I will assume when you say your own money, you have a partner who is putting up the money to do this)

    People who flip houses don't have real estate licnese normally ( some do but most of them are brokers who then can list their own houses for even better profits)

    The only issue is whose money are you using and whose name the house goes into. If you find a house and I buy it, you fix it, and then you sell it, you are then selling MY house not your house, you can't do that,

    But you can buy and personally own 100 houses and put them all up for sale if they are yours.

    I buy and sale houses all the time, I have never had a real estate license don't need one. Now I am getting my license not because I need one for that but because I want to start selling other peoples houses also without buying them.

    Give me a lot more info as to whose name do the houses go into, Who is paying for the flip, and how you get paid from the flip.
    pengland's Avatar
    pengland Posts: 10, Reputation: 2
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    #4

    Jan 10, 2007, 06:38 PM
    Quote Originally Posted by sheeba
    Hello everyone I have a question regarding a realestate licencing. I have recently become involved in an area of realestate where I buy and sell homes using none of my own money. My problem is that I am not a licenced agent or broker. My lawyer says that I need a licence to do these types of transactions because it is essentially flipping properties. But the people who are teaching me this program say I do not need a licence because I am not making a commission, I am buying low and selling hi. My question is Who is right? Licence or no licence?
    I work at a college where Real Estate is a course we teach. I would suggest looking on a Real Estate site like the Texas Real Estate Commission or what ever state you are working in and see if they can help you. Don't go by here say or what the company is telling you. It's you butt on the line if they are wrong.
    Good luck
    PE

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