There has been a lot of controversy about "flipping" houses in recent years. Is it legal? Is it perfectly fine? Well, it depends on who you ask, and more importantly, what their definition of house flipping is.
Here's the common definition of house flipping: Buying a property, doing repairs if needed to put it in great shape again, and selling it right away for a profit.
Now how could there be anything wrong with that?
There isn't. I have done it dozens and dozens of times, and it's my preferred method of investing. There are always houses you can buy from motivated sellers under market value, whether the market is hot or cold. People always have financial problems and may want to get rid of a house for a lot less, for any number of reasons.
Sometimes the houses don't need any work at all! I have literally bought some houses one morning, and listed them for sale the same afternoon! So keep in mind that not every house you are flipping has to be a big fixer-upper.
The problems with flipping houses come when there is dishonesty involved, such as lying to the seller, lying to your lender, lying to the buyer, and so on. So yes, there's an illegal and a legal way to flip houses, just like anything else.
So many shady investors have "flipped" houses when there was fraud involved that a lot of people associate all flipping with being dishonest. This is unfortunate, but is really just a matter of semantics—so don't let it get to you.
Call it what you want and let people have whatever attitude about it that they will, but don't let other people's crimes keep YOU from flipping houses yourself. So, I'll say it one more time. It's not only totally legal to buy a house and sell it again immediately—it's a really, really good way to get a big paycheck within a couple of months.
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