Leesburg IN · Member since 2015 · 15 posts · 1 vote
I am in Northern Indiana, and have called numerous real estate lawyers. I want to know the laws here in Indiana before I start doing wholesale deals. Many lawyers have laughed, have no idea what I'm talking about, and for warn me that it sounds illegal.
Flipper/Rehabber · Crown Point, IN · Member since 2009 · 482 posts · 216 votes
10y
Alisha,
We wholesale in Indiana. What type of questions do you want answered? An attorney is going to charge you for his time. But if that makes you comfortable, by all means go for it!
Flipper · Indianapolis, IN · Member since 2016 · 20 posts · 2 votes
10y
Joshua T. Robertson
Cohen Garelick & Glazier
8888 Keystone Crossing Boulevard / Suite 800 / Indianapolis, IN 46240
Call this guy. Ill send you his info. They are all encompassing in real estate. They are real estate attorneys, title company, creative finance advisers... They solely work in real estate and have been for 20 years... experienced and knowledgeable.
Flipper/Rehabber · Crown Point, IN · Member since 2009 · 482 posts · 216 votes
10y
Alisha,
We wholesale in Indiana. What type of questions do you want answered? An attorney is going to charge you for his time. But if that makes you comfortable, by all means go for it!
Leesburg IN · Member since 2015 · 15 posts · 1 vote
10y
Hello Scott Steffek, thanks for your response. I was just wanting to know if it is legal. I called numerous real estate attorneys, and they had no idea what I was talking about. I have since writing this found that it is legal here in Indiana, but still curious on the laws and what an example whole sale contract looks like.
The attorney general for Indiana will tell you unless you are licensed(Realtor) you can not make money off the sale of a property in Indiana..
Wholesalers, and the guru's who teach them, will tell you that you are not selling the property, you are selling the paperwork..
I work with a lot of wholesalers here in Indy, and I also wholesale the occasional property.. I am licensed though. I think a good rule of thumb is that you need to not take advantage of people, and reputation is everything... Explain to everyone what you are doing. "I am probably going to assign this deal to an investor I work with, and she/he is going to pay me a fee for it." Be above board about the whole process.. Have your paperwork in order.
You do NOT need to have an attorney part of your deals. You can take the paperwork straight from signing to the title company and have them arrange everything..
I like Vena Jones-Cox for learning how to wholesale.. She has a great program, and is a great teacher.. She also wholesales all the time herself. Any time I run into one of her wholesalers they know the business and understand all the details.. Disclaimer: I was taught by her as well, but I get nothing by referring her..