Wholesaling and is it legal in oregon

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Wholesaling and is it legal in oregon

Jesse Moore
Member since 2018 · 4 posts · 0 votes

new to investing and wholesaling. Not sure the laws for oregon and not sure how to get started. Is it legal to wholesale in oregon? And best ways to get started?

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Frank Patalano
Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
7y

I don't have an answer to your question specifically. Whenever I start in a new area I always check out the local Real Estate investment clubs. Oregon has a few. Northwest Real Estate Investors Association www.northwestreia.com , Oregon REIA www.ORREIA.net , RareBird Investor Network rarebirdinvestors.com . There may be more. If its legal, someone is doing it and are going to these clubs to wholesale their properties to investors.

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  • Frank Patalano
    Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
    7y

    I don't have an answer to your question specifically. Whenever I start in a new area I always check out the local Real Estate investment clubs. Oregon has a few. Northwest Real Estate Investors Association www.northwestreia.com , Oregon REIA www.ORREIA.net , RareBird Investor Network rarebirdinvestors.com . There may be more. If its legal, someone is doing it and are going to these clubs to wholesale their properties to investors.

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  • Jason D.
    Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
    7y
    @Jesse Moore wholesaling is legal in all 50 states. Putting a property under an assigned contract and marketing it to end buyers is not.
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  • Benjamin Ulloa
    Flipper/Rehabber · Newberg, OR · Member since 2017 · 34 posts · 4 votes
    7y
    @Jesse Moore I’ve bought properties from multiple wholesalers here in Oregon
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  • Gabriela Johnson
    Portland, OR · Member since 2019 · 9 posts · 1 vote
    7y

    @Frank Patalano thank you for this!

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    @Gabriela Johnson  @Jason D.  See below from the state of Oregon

    Hello Jay,

    Thank you for getting back to me. The advertising copy you attached to your email came out perfectly and will be very helpful. Thanks!

    The Agency is well aware that unlicensed “wholesalers” are rampant in our jurisdiction. Addressing the problems is like trying to put out small individual fires in a forest that is burning. The Agency’s investigations are complaint driven, so we rely heavily on the public, and our licensees to bring these individuals to our attention.

    Thank you again for the information, if I have further questions for you during the investigation I will certainly reach out.

    Best regards,

    Frances Hlawatsch | Financial Investigator

    State of Oregon - Real Estate Agency

    You cannot advertise in any manner a property you dont own with the expectation of profit without being a broker.. or buying it first.   does not mean it does not happen every day just like state says.. but if you get turned in your going to spend money and get a cease and desist that has happened to numerous people i know. 

    @Benjamin Ulloa  just because you bought from wholesalers does not make it legal..  the question was whether it was legal.. mimicking a real estate broker is not.. 

    Oregon has many rules.. one that most miss is that you need a developers license to fix and flip homes.. unless your a GC.. but as investors we need those.. I know i got fined twice on this one.. cost me 6k..  

    what ever entity is the owner of record of the project or property must have a developers license so if your buying in multiple LLC like I do you need multiple ones of these i have 4 of them. its redundant as hell but its the law.

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  • Benjamin Ulloa
    Flipper/Rehabber · Newberg, OR · Member since 2017 · 34 posts · 4 votes
    7y

    @Jay Hinrichs

    I have flipped a couple properties this year. I have my GC license but for do I go about getting my developer license so I don’t get fined

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Benjamin Ulloa:

    @Jay Hinrichs

    I have flipped a couple properties this year. I have my GC license but for do I go about getting my developer license so I don’t get fined

     if your a Licensed bonded state of Oregon General contractor you don't need a developers license.. I myself am not. and most flippers are not GC's  so all of us non GC's need the developers license.. now there is no test just pay the fee. you must have proof of insurance and a 50k bond.. the bond and insurance for those that have little to no money or bad credit can be a stumbling block.

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