I am interested in becoming an investor i would like to wholesale houses in foreclosure. you mentioned something about it being illegal in maryland.... now im scared to death to get started. i have been reading alot on the subject and basically this is what im trying to do... im binding a property with the use of a sales contract and then selling my contract to a rehabber...is this illegal??? i was so excited but this has really got me scared. please help
Boonies, PA · Member since 2008 · 333 posts · 15 votes
20y
were in MD are you located? I don't know the laws but I would call a realesate attorney and ask him. I honestly can't see how doing a double closing would be illigel but you might have to pay for taxes on the transferr whcih could be pricey. Honestly I would just look in the yellow pages and call an attorney that has realestate by his name even better ask your rehabber who his attorney is then call him. my 2 cents
Thanks Mach, im located in montgomery county, md. I'm just curious to know why yunghova said that wholesaling in md can land you in. ive had an abusive life and im down to my last dime. im trying to change my life by studying real estate but if wholesaling properties in foreclocure are going to land me in jail then i dont know what to do...im stuck. if anyone reading this is wholesaling in md please share your knowledge it would mean the world to me.
I live in MD as well and own four rental properties and just now getting into rehab properties. I don't believe that wholesaling is illegal; at least from everything that I have read about it. Let me know what properties you are wholesaling especially if they would be a good rehab. I'm interested.