I am Jack, an aspiring real estate investor in the San Diego area. I am just starting out in the real estate investing business and I am currently learning as much as possible to soon take on my first wholesale deal. I know that in order to sign a purchase and sales agreement you must be 18. I wanted to know if you have to have a company or an established LLC to start wholesaling and what the legalities are when wholesaling as an individual. Like I said I am new to this business so anything helps. Thank You!
I don't think you need to be 18? And you don't need an LLC. So those don't have anything to do with the legalities.
For morality sake, don't present yourself as the buyer. If you put something under contract, be in a position to close or make it very clear that you're just someone that's going to try to find a buyer for a fee.
You do need to be 18 (or legal adult) to enter into any legal contract, otherwise, you need a guardian signature. You do not need an entity but if you are planning on running a business, you should think strongly about getting one, particularly once you have personal assets to protect.
As to the advice above, be careful representing yourself as anything other than the buyer as acting as a middle person without a real estate sales license is illegal and you could be sanctioned for it.
Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
7y
I don't think you need to be 18? And you don't need an LLC. So those don't have anything to do with the legalities.
For morality sake, don't present yourself as the buyer. If you put something under contract, be in a position to close or make it very clear that you're just someone that's going to try to find a buyer for a fee.
I don't think you need to be 18? And you don't need an LLC. So those don't have anything to do with the legalities.
For morality sake, don't present yourself as the buyer. If you put something under contract, be in a position to close or make it very clear that you're just someone that's going to try to find a buyer for a fee.
You do need to be 18 (or legal adult) to enter into any legal contract, otherwise, you need a guardian signature. You do not need an entity but if you are planning on running a business, you should think strongly about getting one, particularly once you have personal assets to protect.
As to the advice above, be careful representing yourself as anything other than the buyer as acting as a middle person without a real estate sales license is illegal and you could be sanctioned for it.
I am Jack, an aspiring real estate investor in the San Diego area. I am just starting out in the real estate investing business and I am currently learning as much as possible to soon take on my first wholesale deal. I know that in order to sign a purchase and sales agreement you must be 18. I wanted to know if you have to have a company or an established LLC to start wholesaling and what the legalities are when wholesaling as an individual. Like I said I am new to this business so anything helps. Thank You!
Most of what is pitched as wholesaling is actually brokering real estate. It is illegal to broker real estate without being a licensed real estate agent or broker.
Rental Property Investor · San Diego, CA · Member since 2011 · 1k+ posts · 1k+ votes
7y
Seeking legal counsel on the internet will provide you with what you're currently getting. People telling you things that support their belief system. So I'll add mine, there is bias in all of the responses. Including mine.
I've wholesaled over 100 homes in San Diego county, the first few were done without any company formed. Just in my own name. It would be wise to consult a real estate attorney if you want true legal advice you can rely on.