I am focusing on doing wholesaling in Massachusetts. I want to succeed in this type of investing and move on to residential redevelopment. I have some unanswered questions and once they can be answered I would love to get started immediately. I would love to meet with some already successful wholesalers/flippers for a sit down, maybe a cup of coffee or lunch.
You can come to the Worcester real estate investors meetup tonight.
Best of luck @Michael Marchione . What are your questions?
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). You can Google to locate them and go to meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Couple good reads
- 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal
- Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper
- How to Start Wholesaling: Getting Past The Education and Into the Field
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Originally posted by @Rob Beland :
Best of luck @Michael Marchione. What are your questions?
Pertaining to Massachusetts specifically, how can I wholesale legally, as it is essentially the same work as a broker and you can get fined. I want to focus on wholesaling for about a year, so this is important. I read some blogs about Massachusetts relative to starting an LLC while doing wholesaling, and it said individuals do not create title companies, but rather they would have their lawyer take care of everything. I want to do wholesaling using my business cards with my website information. Pertaining to the actual assignment contracts that I have put together, would the lawyer have to create the actual assignment or could I use my own? The reason why I am curious relative to the legalities in Massachusetts; what is the difference between a wholesaler and a broker? Would I need to hire a broker to do wholesaling legally?
As far as I know, that is misinformation. Wholesaling is legal in MA without being a broker. At closing, they just call it a commission. I have heard that legislation may change in many states for wholesalers, but I don't believe that's accurate about MA.
Michael- search out Mike LaCava on this site. He flips a lot in MA and has used plenty of wholesalers in the past. He also teaches flipping. He can tell you about wholesaling and contract assignments in MA. It's not illegal.
Wholesaling is not illegal in Massachusetts, if done correctly.
Most wholesalers do not do things correctly.
To me, the biggest question is, "Why?" Why not get a license?
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