Being both listing agent and contractor in Oregon

[Tracey Hamilton]

Hi! We are gearing up to do our first flip. We are in Oregon, and have our contractor's license. At this point, my husband is intending to do the bulk of the remodel / rehab work on our first flip or two. He has many years of experience as a residential contractor and civil construction, so that's not a concern for us. Eventually, we do intend to shift to using another general, once we get more experience with the whole flipping process, etc. (Also, in our area, it's extremely difficult to find reliable and good contractors right now.)

We have also always planned for me to get my real estate license once we got going on all this. We went ahead and purchased the state-required education course, and it's going well.

However, I had a good friend who used to do flips caution me that being both the listing agent and the contractor who had done the upgrade work on the home, would cause serious liability issues and that I should definitely reconsider. In fact, he had already taken his state exam to be an agent, when he figured all this out and declined to ever activate his license, instead just staying as the contractor, and hiring a listing agent.

I can see that there are disclosure requirements, but at this point in my education and research, I don't see anything very serious or major. Mostly just that it needs to be disclosed that property is owned by the listing agent, and I haven't seen it in writing yet, but I expect that it will be required to disclose that listing agent / owner is also the most recent general contractor to work on the home. Not shocking, and we intended to make that clear, as well. In fact, we had hoped to make it a selling point, as we completed more flips in the area, and developed a good reputation.

Anyway, do any of the more experienced flippers / real estate agents here have any insight into all this?

THANKS!

Tracey in Oregon