Hello everyone, I came across a BP post that stated the Ohio Dept of Commerce was pursuing wholesales that were not licensed.
I'm a novice looking to start wholesaling in California. Has anyone experenced any issues wholesaling in California without a RE license?
No license needed to wholesale in CA. You're simply selling the contract, not the house. I've done many without a license and never had an issue
I suspect some one will sue Ohio for interference. Licensed activities are those where agency is created. Buying and selling something without creating an agency situation is perfectly legal. Just a bunch of cry baby agents thinking it will give them additional business. I suspect a flood of investors getting licenses will take away existing business from those agents. Just a side note, agency can be created by for example telling a buyer you will find him a property. Your not a principle at that point in time, and the buyer may be thinking of you as sort of his agent, called implied agency, doesn't matter what you think, only what the buyer thinks.
Some smart broker in Ohio should create a central investors realty and have them all licensed for a small fee per deal. And many agents will find a deal they think they should have had is in the hands of an investor/agent, Not a investor deal but a normal retail listing deal with the same guy they were trying to get rid of.
I know when I became licensed the agent I passed leads onto that I passed on as an investor when into a major funk and had to quit buying a new car every year along with many other things.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!