wholesaling and flipping

[LaMetrius Jackson]

are they the same thing

[Greg Dickerson]

Originally posted by @LaMetrius Jackson:

are they the same thing

@Barry Pekin

Flipping is generally defined as buying and reselling. The remodel can be very minor to significant. 

Wholesaling is traditionally defined by the investor community as "the assignment of a contract" but some people define it as buying a property and reselling without doing any work at all which is known as "wholetaling" which is simply retail real estate. The dictionary defines wholesaling as "selling to retailers, especialy in large quantities" and does not relate the term to real estate at all.

There is no dictionary, official or legal definition for flipping, rehabbing, wholesaling of real estate or wholetaling. These are just slang terms that have been invented by investors in the industry.

Some states have defined wholesaling activities as brokering and are requiring licesnes so you need to check the laws in your state to make sure you are in compliance.