Wholesaler and Real Estate Salesperson License in NY Illegal??

2 Replies

Hello Everyone

I have had a couple things on my mind that are preventing me from moving forward in my wholesale business. I live in NYC and I want to wholesale in Orange, Dutchess, and Westchester, Bronx counties. I also got my real estate agent salesperson license in July 2015, but I feel like it is actually holding me back. I am not active with a broker, and want to focus as an investor only. My questions are, is it illegal to collect wholesaler fees while having a license? Will it be considered a net listing? Also, how should I present myself to sellers since I need to disclose I am a licensed agent? Finally, I would like to know how having my license could benefit me, are there any brokers that cater to investor agents which will grant me MLS access? Any answers will be much appreciated. Thanks!

Hi Michelle,

You really need to check with a local attorney.  Find one that is investor friendly or you may get bad advice.  I'm in Kentucky and you can legally do that here however there are a few steps you need to take to protect yourself.  You need to find out what those steps are in your state.  Good luck. 

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