Wholesaling as an agent in Florida
I have been working with an L.L.C out of Tennessee prospecting portfolios for them. If a deal is made and closed they pay me a percentage of the purchase price. To be clear all I do is call and find out if owners are interested in an offer. Once that is done I bring it to the L.L.C. and they handle the rest. I am about to test to receive my license but I have a lot of confusion on the legal boundaries of wholesaling and what I can or can not do.
I have read I must now disclose I am an agent upon passing my exam, but also confused do I need to include my brokerage information every time as well & how or if the brokerage, me, and the L.L.C. could do this without any legal trouble for any of us.
Any information or guidance is appreciated!
Most Popular Reply
Hey @Drew K.,
I have been through this same situation. There are a few things you can do.
1) Make sure your broker is cool with you doing both. It really should not be an issue if you are upfront and honest, basically the rules are put in place so nobody gets taken advantage of.
2) Would not be a bad idea to consult with an attorney and have some contracts written up that protect you from any lawsuits when you are wholesaling.
I have tons of connections if you need anything or have any specific questions just let me know. Not sure where you are at in FL, but maybe we can connect if you are local.
Best of luck.