I would like to connect to an investor doing wholesaling in Massachusetts and or Rhode Island.
Is it ridiculous to say that wholesaling is illegal in Massachusetts?
@Emanuel Monteiro There have been numerous debates on the topic of wholesaling in Massachusetts here on BP. My advice is to read the actual law for yourself. It is clear as day - anybody attempting to sell, transfer or deal in options of real estate that they don’t own is required to have a license.
If you search for an earlier post of mine you’ll see where I quoted the exact text of the state’s law. (I don’t have it in front of me as I away from my laptop due to a surprise power outage from yesterday’s high winds).
The 100% legal way to wholesale is to buy a property and then resell it. You do not need a license to sell your own property. But you can’t even market it legally until you close.
Legal or not, people still do it every day. It will all be just fine - right up until something goes wrong.
But you won’t have to convince me. You’ll have to convince a judge.
much appreciated. Your input was very transparent.
@Emanuel Monteiro it’s not exactly clear why you want to connect to an investor doing wholesaling in Massachusetts or Rhode Island, but my guess is that you want to do so as a source of off-market deals.
If so, I would recommend 1) local real estate groups (they often meet at least monthly and have wholesalers of all experience levels), 2) check Craigslist to see who I see is posting “we buy houses” type ads, 3) call on “we buy houses” telephone pole (aka “bandit”) signs, and 4) Google “we buy houses yourtown” (and variations of that theme) and see who comes up.
Keep in mind that a wholesaler’s main concern is “will this person CLOSE or are they going to back out at the last minute and leave me hanging?”
So if you are a new investor without any experience under your belt, and you don’t have funds already lined up and are going to need a mortgage, it will put you far down on the wholesaler’s list, possible so far that they will essentially never call you.
Your best bet if that’s the case is to try to network with new wholesalers. They won’t have as many deals but they may have a shorter buyers list and be more willing to work with you.
I’ll leave the question of “is wholesaling legal” for another day; as @Charlie MacPherson said, it has been covered extensively here on BP already, and there are also many videos on YouTube as well (if you want to kill a few hours some day with some “edutainment” :)
@Anthony Thompson I have experience as buy and hold (I owned a SF rental for four years before I sold to buy a Triples in Fall River).
My purpose is to connect with wholesalers is two fold : actionable learning and get deal flows.