Wholesaling for Newbie

[Peter Thirawankanok]

Hello Bigger Pockets Universe,

My question is regarding the legality of wholesaling. I would like to start wholesaling to raise capital to fund my own fix and flips, and even finance buy and hold deals, however, in Illinois, the laws recently changed where wholesalers and flipper would be required to get a real estate license.  Im not opposed to the idea of getting my license.  What I would like to know is, are wholesalers held to the laws of the state of the buyer, or the state that the property is located in?  I am thinking about going into other wholesaler friendly markets and wholesaling virtually. 

Feel free to chime in with thoughts and advice.

[Zoran Stanoev]

The Illinois law requiring a broker's license to wholesale is applicable to properties in Illinois.  It's meant to protect Illinois property owners. If the transaction/closing doesn't occur in Illinois, you should be all good.