Wholesaling in Chicago and Illinois - still viable?
I'm curious as to whats happened to people that were previously wholesaling a lot in Illinois now that the new law (referenced here -
https://www.biggerpockets.com/forums/93/topics/745421-new-illinois-wholesale-law ) has settled down.
Are folks getting licenses?
Check out chicago wholesaling groups on Facebook.
I am not sure you could say the law is settled down because no one still has any clue who or how it will be enforced.
But wholesaling here continues... mostly unchanged from what I see although some are certainly getting licensed.
@Vladimir Fefer - I know a couple of wholesalers who went ahead and got their licenses - its the right thing to do to avoid trouble. Also, I know a handful of managing brokers who are now marketing to wholesalers to get licenses and join the managing brokers company.
Personsally, I don't think any drastic fines will happen for quite a while (6 months to a year) until as @Eric M. stated people figure out whats going on with the law and how to manage it.
Could you refer me to those managing brokers you mentioned? I am looking to get my license soon and I would love to be sponsored by a brokerage who is doing wholesale deals.
Thanks in advance!
@Chris Placeres - You need to connect with @Joe Mueller with Tanis Group Realty.
@Jonathan Klemm Thanks!!
As a licensed broker and wholesaler, I would recommend getting your license if you are serious about building a business model around wholesaling. Now I am not an attorney and you should always consult one as well. With that being said if you plan to do more than the 1 assignment allowed in a twelve month period then you have to double close all your deals. Now if you are only doing a few that is entirely up to you. But I would otherwise say get your license just get it out of the way.