Legal ramifications of Wholesaling
Dear members of Bigger Pockets in Washington state-
Before jumping into wholesaling, I wanted to make sure all of my ducks were lined up in a row. I spoke to a lawyer about my contracts and the legality of this enterprise known as "wholesaling". He was concerned with the practice and thought I was "equity" skimming and essentially planning to defraud consumers out of their money.
I came across the Washington State Attorney General's page http://atg.wa.gov/hb2791prjune08.aspx#.UyfgGfldWJE
and it does seem that wholesaling could be questionable.
Is there ANY legal information/experience someone could provide me with that could help me calm my nerves and get started? I am really excited to start, but do not want to face any legal issues... such as end up in jail or pay damages up to 100k.
Thanks,
Sol