Impact to License

5 Replies

I know that license law and regulations vary from state to state but in general terms, they are all about the same (obviously there are at the national level) but I need some clarification. I am looking to consult with a real estate agent who is actively wholesaling. I am licensed in Colorado and want to wholesale before I go active as a broker in order to build some cash and clientele and become an "expert" on investing within my office. However, some of the activities associated with wholesaling concern me as they may have an adverse impact to my license, if I do them incorrectly. I don't want to "cross streams" between brokerage activities, disclosure requirements, and the required use of approved forms and contracts by agents vice those "unregulated" activities associated with wholesaling. If anyone knows or can refer me to a real-life broker/wholesaler (preferably in Colorado) that would be awesome! I can be reached at presinvesting at icloud.com or 719.425.7852. Thank you! VR, Mark

I am also interested in this and would appreciate some insight. I just started wholesaling, just did my first assignment three weeks ago. And I am going to possibly start taking the classes next week to get my license for the Springs area.

Originally posted by @Mark Braun :

I know that license law and regulations vary from state to state but in general terms, they are all about the same (obviously there are at the national level) but I need some clarification. I am looking to consult with a real estate agent who is actively wholesaling. I am licensed in Colorado and want to wholesale before I go active as a broker in order to build some cash and clientele and become an "expert" on investing within my office. However, some of the activities associated with wholesaling concern me as they may have an adverse impact to my license, if I do them incorrectly. I don't want to "cross streams" between brokerage activities, disclosure requirements, and the required use of approved forms and contracts by agents vice those "unregulated" activities associated with wholesaling. If anyone knows or can refer me to a real-life broker/wholesaler (preferably in Colorado) that would be awesome! I can be reached at presinvesting at icloud.com or 719.425.7852. Thank you! VR, Mark

 Mark, lets connect, I'll explain how I do deals and what I've been told by multiple brokers.

Anson

Anson-thank you. Can we connect Tyrell Anderson as well? He seems to have the same question as I and lives here in the Springs (I believe). Also, loved that podcast you recently did with Joshua and Brandon. Listened to it twice and will a third time. Extremely informative.

My partner is a broker in Colorado.  I did the training but did not get my license because I can have conversations with sellers that he cannot.  But when it comes time to enter into any type of agreement we follow the cardinal rule - Disclose, Disclose, Disclose.

Originally posted by @Colleen Chapin :

My partner is a broker in Colorado.  I did the training but did not get my license because I can have conversations with sellers that he cannot.  But when it comes time to enter into any type of agreement we follow the cardinal rule - Disclose, Disclose, Disclose.

Colleen - thank you for your advice.  Disclosure is ALWAYS imperative.  My concerns also center around following the umpteen million rules from the real estate manual to include, using the approved forms (I know some wholesalers have their own contracts - we have to use approved forms), not sign-crossing, identifying commission versus assignment fee, "broker has equity", etc. etc, etc..  I am hoping to nail down some of the "gotchas" so I can keep my license clean.  If you are OK with me speaking with your broker-partner, I would appreciate it GREATLY!  Having that insight will be very helpful.  Again, disclosing (and doing so in accordance with the law and regs) is absolutely key and I appreciate your advice to do so.

Again, thank you.

VR, Mark

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