Toledo, OH · Member since 2016 · 20 posts · 2 votes
Been really thinking about getting started investing in real estate here in Toledo Ohio. Everyone knows the easiest way to get started is wholesaling from what they say and from what I've heard. Came across people talking here on PB about how Ohio is cracking down on wholesalers for "unlicensed activity" saying it is illegal to do in Ohio. Then I heard it is legal it all just depends on the contract language. Might just get licensed so I don't have to worry about all the legal BS. Thanks everyone! Any information on this topic helps.
Dayton, OH · Member since 2016 · 10 posts · 0 votes
10y
very grey area here in Ohio but there is always ways around it. Technically your not selling property your selling a contract .things like double closing is a way around it cause at one point you take possession for a short period of time during the process so the property becomes yours to sell. Also I am currently in school for real estate and it's fairly cheap to take. Roughly 1000-1309$ for books and all. I am not a lawyer or anything so take little to the advise just things I have taught
Toledo, OH · Member since 2016 · 20 posts · 2 votes
10y
Couldn't agree with you more Brent about Ohio being a very grey area. I thought so too you could use the double close method to get around the whole "unlicensed" thing since you do actually own the house even if it is for a short period of time. But then I was reading something online and it was sort of saying differently about that. Which I don't agree with since like I said you own the property. Might just get licensed since it doesn't cost an arm and leg and it will protect me. Have you had any problems wholesaling without a license?
Dayton, OH · Member since 2016 · 10 posts · 0 votes
10y
I haven't made a sale yet myself I'm still trying to learn so I don't get caught up. I have completed real estate appraisal and real estate finance and still have law and principle to go.
Property Manager · Brecksville, OH · Member since 2014 · 486 posts · 464 votes
10y
Licensing does not make wholesale less problematic. In fact is is most certainly a violation of license law to wholesale real estate because a licensed agent is legally required to put his clients interest above his own. If you have a client who wants to dump his property for $30,000 and you know you can wholesale it for $50,000... you would be obligated to use your best effort to get that seller $50,000.
The problem I have with wholesaler's is that they just don't get this simple concept... and will stand up in front of 100 people and argue they love helping people... and cashing them out of this property for $30,000 is helping them.