Ohio
Pay for it, and it's yours! Then, sell it (no License required). Simple. Cheers...
Originally posted by @Joseph Brantley:Thanx
I know that seemed a bit unhelpful to wannabe wholesalers who have zero funds but are pumped up by so-called gurus as to how easy it is to wholesale anywhere, but, that is the very reason why the Ohio Regulators have started to come down hard on those same wannabes who have developed the reputation of leaving Sellers in the lurch when their "Buyer" can't buy after all!
Not saying this would have applied to you of course, but now, if anyone STILL wants to be a newbie Wholesaler in Ohio, they MUST have the ability to follow through on their Contracts regardless of whether they already know who their end-Buyer is, or not. Hence, my answer!
@Brent Coombs @Joseph Brantley Good points Brent. I don't know where folks get the idea that having a real estate license is a good idea for someone who wants to wholesale in Ohio. It is a horrible idea. Real Estate Agents are and should be held to a higher standard than the general public when it comes to conducting any real estate transaction. Real Estate Agents have a legal duty to act in the best interest of their client. We have a duty to enjoy no hidden or secret profits from a transaction. If a real estate agent can get an extra $5000 for selling a property for a client... it is the agent's duty to make sure those extra profits go to the client... not in the Agent's pocket. I would go so far as to say, any wholesaler with a real estate license should let their license lapse. Of course the problem here, is that most wholesaler's I have known, like the idea of being a nice person and trying to help others... but they have no idea what it means to be a fiduciary of another.
As previously stated - it's straight forward. Own it or don't sell it without a RE license. Even participating in the transaction can strike a violation of Ohio law. It's not worth the risk to get dinged with a serious crime.
@Joseph Brantley full disclosure I am not a lawyer, but practice real estate in Ohio. I'm an agent in the Ohio and I specialize in investment real estate in the Columbus, Ohio market, you are able to assign your interest in a property without having a real estate license. When communicating with sellers, it is a good ethical practice to at least disclose that you are going to be marketing the property. You will want to ensure if you are looking to expand your business to Ohio that the contract you use does reflect Ohio contract laws. I would recommend that you reach out to an investor friendly title company who work with other wholesalers to see if they can and are willing to provide you with a commonly used contract in the state of Ohio.
Quote from @Joseph Brantley:
Is there a safe way to wholesale in Ohio or do I absolutely have to obtain a RE license and if so what states touching Ohio would let me wholesale legally???? I want to be open and a honest wholesaler what's your take ?
Here is a good video The Ohio Division of Real Estate made about wholesaling in Ohio https://www.com.ohio.gov/real/
I recommend you just get your real estate sales license.
