House Flipping Can Draw Big Fines in Washington State

[flip_it_fast]

Washington State has implemented a new law for would be house flippers. The law says if the flipper plans on making improvements of $500 or more to a home they must be a registered contractor, (which can cost thousands of dollars in collateral) or to own the property for more than a year prior to selling.

Real estate investors are still coming to grips with the law, which took effect last year. They say many people don't even know the law exists.
The state Department of Labor and Industries, which pressed for the law change, says the revision protects consumers and helps fight the "underground economy."

By Parker Howell

This is really hampering house flippers in that area I am sure. If they cannot make a timely sale they are surely losing a lot of money. If they cannot make the necessary improvements, they cannot be generating much of a profit. I don't agree with this law and am sure a lot of people in that area do not either.

House Flipping Can Draw Big Fines in Washington State