Please help. How many homes can I buy per year?

**HomeFLIPPER** · 02-28-2009, 11:15 AM

Please help, we have nowhere and no one else to ask right now.

My best friend and I are going to be buying foreclosed homes, renovating them, then selling them.

Would be even need a Realtor to sell or buy this? Or could we just auction it off ourselves?

How long would it take to pull a mortgage on a $50,000 home?

Should we buy the house outright or set-up a mortgage?

***Is there any limitation to the amount of homes we can buy and sell, BEFORE we must declare ourselves a business????

Alot of people have told me that you cannot buy or sell more then X number of houses per year without becoming your own business. Is this true?

Thanks to all for your time and help!

**agentsranking** · 03-03-2009, 08:12 PM

The laws surrounding this issues are state specific so without knowing what state you reside in I can't tell you for sure. It's not an issue of being a business; it is a licensing issue. The state requires people to hold a real estate license if they sell more than X number of homes per year. Check with the department of commerce in your state to find out how many homes you can sell without a license. I think you can get around this issues by utilizing the services of a FSBO real estate broker. The FSBO broker will list the property on the MLS for a few hundred dollars and than you won't need a license. Regardless of what you decided you will probably want to list your property on the MLS when it's time to sell.

**Bridget** · 03-04-2009, 09:29 AM

This is a good question, I agree check w/ your state. Also if you are doing short sales and trying to sell while in negotiations, be upfront and honest with the homeowners and have the correct contracts used especially if you are not using a realtor.