Hi guys, I woulD like to know couple of things about wholesaling. I would really appreciate if some could answer these questions. I have been a realtor for past 2years and just starting out on an investment side.
I would like to know how to wholesale being a realtor. Does all the realtors has to disclose about wholesaling to their brokerage firm? Or they could wholesale under their LLC without disclosing to the brokerage firm? I want to know what is allowed and not allowed before I take any step.
If someone don’t have an LlC do they have to wait until they form an llc or can they still wholesale under their own name being a realtor? If so how would they disclose it to their brokerage firm?
I want to make sure that I’m following the rules and regulations of the commission.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
5y
I can answer for Florida agents:
1st. You MUST disclose agency 2nd. ALL fees must pass through your broker IF they allow wholesaling
Now--I am well known not to be a wholesaling fan. Why? Because I wont give away 20, 30, 50K or more. I would close and then resell if I did not want to hold the property.
Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
5y
When in doubt, disclose to your broker and to the consumer with whom you are dealing. If you don't want to disclose something because it feels like you're being shady, then you're probably being shady.