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Regulators Eye Wholesale Flippers in Poor Neighborhoods

States and municipalities across America are tightening the reins on wholesale flippers, who advocates for the poor say are sometimes using aggressive tactics and misinformation to trick distressed homeowners in low-income neighborhoods. So reports Bloomberg.

hurricane harvey 2801135 640Wholesalers, generally first-time investors who seek out off-market homes through cold calls or drive-bys, strike deals with homeowners to put homes under contract and then sell the contracts to flippers. They do not take title to homes, fix them up and then list them on the market, as fix-and-flip investors do.

Among those proposing or passing rules about wholesale flipping include the states of Illinois, Oklahoma, Arkansas and Kansas and the city of Philadelphia.

Read the full article from Bloomberg.

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