Illinois Wholesaling Law Advice

3 Replies

My business partner and I have started a small business with just us 2 currently and want to get into wholesaling. The problem is the new wholesaling law. My question is, do both of us need a real estate license, just one of us, or can we add in a 3rd party who does have one? Do I add them as a partner or hired on help? Also how and where in your opinion where is a good place to get a real estate license?

@Account Closed What wholesaling law are you referring too?

you get a real estate license from the state. Google real estate license classes and you will find many. I suggest in person classes not online. The networking and ability to interact with other students and the teacher are important. 

Originally posted by @Ned Carey :

@Moldy Kumquat What wholesaling law are you referring too?

you get a real estate license from the state. Google real estate license classes and you will find many. I suggest in person classes not online. The networking and ability to interact with other students and the teacher are important. 

 The Illinois law that requires all wholesalers to be licensed agents. It's very unspecific and doesn't mention whether it's including everyone in an entity or just one person who will be the one signing contracts. Thanks. 

@Account Closed My guess without seeing the actual law is you can double close and wholesale without a license. I highly doubt the law uses the term "Wholesalers" 

My belief is that being an agent increases your liability in a wholesale deal. There are issue like prohibitions against net listing, requirements that agents disclose etc. These issues have been hashed out numerous times here on BP.

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