Please tell me this is WRONG

[Kevin L.]

Ok, I dont quite understand this...and dont know if it is true, but I will explain to the best of my knowledge.
Today my business partner met with a hard money broker, or so I will call her. She has informed him/us that what we are wanting to do (buy, fix, sell) is no longer as it used to be. She says that now there is law stating you can not buy a home, and turn around and make huge profits off of it...as this is taking advantage of the homeowner. The example she presented my partner with was this....assume you purchased a property for $50k, and did $30k in repairs...the house can only be sold for $80k. This to me sounds soooo wrong on so many levels, yet who am I?
Now I was not at the meeting, so I am sure there is other information left out. I just wanted to know if there was a holding period (maybe this is what she was talking about) in which you have to keep the house...for 2 or 3 months...i dont know. Sorry, for asking this, but this has scared us back two or three steps....just when we were finally preparing to do something!!! grrrr...thanks in advance!

[Justin S.]

Get a new hardmoney broker. Do not waste another second with her.