Howdy all, I am looking to get this RE investing career going. Over the past few years I have had to unexpectedly move back and forth to California for work and due to familial reasons and now I can finally settle down and work here in Utah.
I am looking for information on businesses in Utah that can provide transactional funding for Wholesale deals. From all the literature and post I have read, it appears that in order to do a WS assignment (in Utah), I would need a real estate agent or a broker license. Since I do not have either of those, I would need to close using the double closing method (A to B; B to C). But in order to do the double closing method, I would need to have access to sufficient funds. Until I can accumulate the funds to start funding my own deals I would need transactional Funding. Can anyone point me in the right direction to kick start my career?
My plan is to continue my professional job, and Also I just recently moved back to Utah after a few years in California and I am looking to find some guidance in the wholesaling /real estate investing field. I do understand I need to provide some type of value, and to be honest I can't provide any RE investing value, but I can provide some sweat if needed. I am located in Murray (SLC), Utah.
I apologize for the double post, I did not realize I had 2 separate BP accounts so I closed the one with no info.
Glad that you are settling down in Utah and getting back into real estate game. RE is a business that suites various life style of people and can be started-stopped-get back any time in our life.
Wishing the very best.
There are lenders like us who offers transactional funding for wholesale deals.
@Ray Hollins good luck! Utah (especially SLC) is a hot market right now
I don't know much about wholesaling here but it has come up pretty often in the local forum. The consensus on wholesaling on the Wasatch Front is that you won't make money until you get licensed to wholesale.
You can try, but from what I've read on tube forums the laws were designed to necessitate a license to make any profit.
If I knew any Salt Lake wholesaling agents I would reference them so they see your post, but I don't know their names so hopefully they will catch the keywords.
@Saravanan Saravanan Thanks Im excited to get moving along this path.
@Joshua Johnson Thanks for the response, Yes I keep seeing that as well. I'll need to continue the research, but from what I have read double closing will work due to recent changes. From what I understand double closing might be slightly more expensive but It appears to be the way to go for non-agents. Hopefully others will respond who also have good input.
@Ray Hollins -
Welcome Back! I think Utah is a great place to begin your investing career.
There are several local investor groups/meetups that are very economical to become a member of.
SLREIA, Utah REIA and UVREIA to name a few. These groups helped me get going when I first moved to Utah.
Utah REIA is actually having their monthly meeting tomorrow about how to maximize income from Multi-Family Properties.
I would be interested to read the articles that you're mentioning because becoming licensed to become a wholesaler is inconsistent with my experiences. I'd refer you to Breglio Law for more specifics as I'm not an expert. We close our deals before retrading and I believe that is the best way to avoid the DRE because you're selling your own property.
My group does provide some of this type of financing for assets in SL County and I can introduce you to others who lend throughout Utah. just DM me
Wish you the best and hope to see you at the REIA's
Good luck! It sounds like you have a plan that can work, so I hope it does does.
@Jordan Atkin Thanks for the response, It looks like I worded one of my initial statement wrong. I meant to say, From the some post I have read, Utah appears to be heading in the direction of investors needing a RE agent License; I apologize for the confusion. I missed the REIA meeting due to my job. I'll have to adjust my work schedule so I can start attending.