Flipping a loan involves repeatedly refinancing an existing mortgage, often luring the borrower with seemingly better interest rates while charging substantial fees for the new loan and prepayment penalties for the old loan. This predatory lending practice can lead to excessive debt and ultimately default and foreclosure for the borrower.
Income in real estate refers to the monetary benefits or other state advantages derived from the use of property, skills, or business. This includes rents, fees, royalties, and revenues from various activities related to the property.
A tax consultant is a person or firm who, for a fee, assists individuals, businesses, and property owners in reducing their tax liabilities. They provide expert advice on tax legislation, planning strategies, and potential savings. Some states may require registration or licensing for tax consultants.
