Common Legal Issues with Wholesalers?

Question

Hi all, I'm new to wholesaling and I just want some advise. I live in Massachusetts and wanted to know some of the most common legal mistakes wholesalers make?  I'm not really into breaking the law. Thanks!

Kevin Phu · Answer

How much would you say it costs for a RE attorney to review your contracts?

Jill DeWit · Answer

I have to say I love what @Mike Hurney added!

So often we make things more difficult than needed. Not hard to check with legal counsel, do your homework, and maybe volunteer to work with someone on a deal and get some experience...

I do land wholesale deals and it's funny how often people say "that was easy". Well, it took me some time to get here and I am glad they thought it was easy!

Mike Hurney · Answer

@Katey TataWelcome.

You may not want to make this complicated.

If you draft an Agreement to Purchase a property, draft another to sell that Agreement and sit with a Real Estate Attorney from Massachusetts to review the documents, you should be ready to "Just Do It!" as Nike says.

Now the easy part Find a Seller and complete that Agreement to Purchase.

Bhekizwe M. · Answer

Very encouraging.why complicate it?

Katey Tata · Answer

Awesome, thanks for the threads and tips! And Brie, congrats on your 50 properties in a year!! That was really inspiring!!!

Brie Schmidt · Answer

@Katey Tata this is a heavily discussed topic on BP - You might want to search at the top right for "wholesale" and "illegal" here are just a few of the threads that come up

http://www.biggerpockets.com/forums/93/topics/2168...

http://www.biggerpockets.com/forums/93/topics/1338...

http://www.biggerpockets.com/forums/93/topics/1653...

Common Legal Issues with Wholesalers?

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