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Fast-cash house flippers flood poor neighborhoods in U.S. — News For Finance

Fast-cash house flippers flood poor neighborhoods in U.S.

States and cities, including Philadelphia, are cracking down on a niche in house-flipping known as wholesaling conducted by a flood of largely unlicensed intermediaries lured in by YouTube tutorials and a torrid market.

Bearing fast cash, wholesalers can help distressed homeowners sell quickly, but they have been accused of strong-arm tactics and misinformation. Unlike fix-and-flip investors, who take title to homes, renovate them, and put them back on the market, wholesalers typically negotiate with homeowners just to put homes under contract and sell those contracts to flippers.

“I don’t buy houses. I solve problems,” said Scott Sekulow, who leads an Atlanta-area congregation of messianic Jews and bills himself as the Flipping Rabbi. He said clients come his way when they’re going through a divorce, can’t afford massive home repairs, or run into other trouble. Sekulow said…

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