Investor · Dallas-Fort Worth, TX · Member since 2016 · 80 posts · 31 votes
I'm a wholesaler in the DFW metroplex and would like to consult with an attorney about having a real estate license. The pros and cons as it pertains to TX. I would appreciate any good recommendations from the BP Community!
Real Estate Investor/Broker · Irving, TX · Member since 2015 · 520 posts · 263 votes
9y
Google "Dallas Attorney Biggerpockets" - you'll find this question a lot. Also, I'm not sure you need to have an attorney answer that question. There are plenty of licensed investors in the state of Texas and I'm sure they'll weigh-in.
I don't see many downsides to having your license as a Texas real estate investor. I haven't really run into any limitations and I exercise different strategies on different asset types.
Investor · Dallas-Fort Worth, TX · Member since 2016 · 80 posts · 31 votes
9y
@Mark Allen thanks for the feedback. I just had some push back from a real estate association speaker so I wanted additional information to be on the right side of things. For example, could I wholesale a property to a buyer and then represent that property as a realtor once it's been rehabbed and put on market. What do I need to disclose and when do I wear each hat?
I'll definitely start looking for licensed investors topics!
Dallas, TX · Member since 2015 · 58 posts · 55 votes
9y
I am an investor, broker, and attorney in Texas. Disclosure is the name of the game when you have a license. Use the Information about brokerage services form, disclose that you are a broker in the contract, and don't enter into the listing agreement until after the wholesale transaction has closed. You should be OK. At issue is the conflict between the fiduciary relationship between agent/broker and client, and the adversarial relationship between parties to a transaction. You can confuse this situation even further by partnering with a client or loaning them money on an investment property. Good luck.