Becoming a Wholesaler in Orlando / Central Florida

[Samuel Muniz]

Hi guys

I've been wanting to become a REI for a very long time, and have been devouring this site and the podcasts like a maniac over the last couple weeks. I have some pretty specific goals and I believe they are achievable in my market, but I want to hear from more people from Orlando/Central Florida to see if I'm on the right track.

1. Start a wholesaling business - of course I know I need to find some investors locally that can show me the ropes here and I need to find cash buyers, but I believe I have the skills to get this done.

2. Begin flipping properties once I've secured enough capital and knowledge from the wholesaling business.

3. Begin to buy investment properties in about 3-4 years once I've developed enough capital for good down payments from my wholesaling/flipping business.

I know it would be a good idea to begin attending my local REIC meetings to start connecting with people. We actually have a group of local newbies meeting this Saturday for the purposes of getting to know one another.

I'm a professional photographer/videographer, so if any REI's in Orlando that would like to share some info with me, I'd me more than glad to help you out in marketing your properties with pro photos and videos.

[John Thedford]

@John Hamilton

technically "wholesaling" is not illegal. I think a better term is contract brokering. Now, there are actions that COULD make it illegal: specifically advertising the house, showing the house, etc.  At that point you would not be marketing a contract you would be marketing a house...for another....for profit...without a license.  How one can assign contracts without marketing the house, showing pictures, or actually doing showings seems difficult at best. I talked to someone today that has contracts stating they have the "right to show, advertise for sale, etc" which she expects owners to sign. That is illegal UNLESS you are a broker or working under a broker...and when you have that signed they are called listing agreements. I get 100's of letters and postcards from some of these operators and like to occasionally do a little research. I found at least two within the last couple of weeks that show they are under investigation by the state for unlicensed activities. I have no idea exactly what they did, if they showed houses or whatever, but the bottom line is: if the state issues fines, files criminal charges, or simply issues a cease a desist order that is the end of these guys M/O. You can go to www.myfloridalicense.com and click on "unlicensed activity" and look up someone by name. I believe there is also an online form to file a complaint for unlicensed activities. Either way, why bother with the hassles, fear of legal action, fear of potential criminal charges, whatever. Get a license if you want to represent others. Your other option is to buy the properties and then resell them. Acting as a principal, you don't need a license. That seems the easiest solution.