I live in lake county Indiana and trying to become Re investor. I read many articles, books and ready to start. Recently I checked with a lawyer she said it's illegal to do wholesaling in Indiana. Any tips ,guidance,advice available in NWI area are appreciated.
Harini Hi and Welcome to BP and its great to see another Hoosier. I would suggest finding a Mentor an going to your Local REIA in your area also there is plenty of Information on BP under the learn tabs an listen to the podcast.
I had read about Wholesaling being illegal in certain states, but also read that theory is questionable coming from someone who may not be an actual investor. It can be illegal based on how you market the property you have under contract and the wording used in your contract.
For example, you are making money based on your assignment fee, you are not making "commission" at the end of the deal. The only way it is illegal, is if you are selling Real Estate without a license.... if you are simply assigning a contract for a wholesale (matchmaking for a motivated seller and buyer), you are not selling, so it should not be illegal to practice in that state or any other state. Make sense?
I would suggest doing a bit more research on this topic because I am not a lawyer, I am basing this from my own research... I am prepping for my first wholesale as a Rookie Investor.
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