Is anyone out there wholesaling as a licensed real estate agent? My attorney has STRONGLY advised me to get my license, especially since I plan to do multiple deals. I've done my first deal and am ready to charge, but this is giving me pause.
You would most likely have to disclose you are a licensed agent when you make offers / write contracts. There is quite a lot about this written online.
@Jason Reiffer You have to approach people as a buyer. And you need to fully disclose you are a licensed realtor. Yes, having a license helps you a lot when you're a wholesaler. You can double end deals by offering the investor buyer to list the house after is rehabbed.
@Jason Reiffer Does your state prohibit agents from "Net Listings". If it does the attorney may have given you bad advice.
Do you intend to assign contracts or do you plan on double closing your wholesale deals. If you plan to assign your contracts, that might be viewed as a way to circumvent net listing laws if you are operating as an agent.
I am with @Ned Carey in that I see wholesaling via the method of using an assignable contract as a de facto net listing which is illegal in many states. In such states, my opinion for what it is worth, would be for an agent to double close on a property....or just leave wholesaling to the wholesalers.
Jason your leaving money on the table if you do not have a real estate license. Yes you will have to state that you are a realtor an d have ownership interest.
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