Lender · Houston, Tx. · Member since 2023 · 91 posts · 60 votes
2y
Having been a party to over 300 wholesale transactions, I can tell you with certainty that it is not illegal. Secondly, I am a realtor and also, I am a lender who sees wholesalers on the Hud all day. The above comment is correct, there are some states that have added an extra step (not assigning, extra disclosures etc) but in Texas you are fine. TREC has recently started to ask realtors their opinion on wholesaling but so far nothing has changed. You can use an assignment, or you can double-close using transactional funding.
If you need help understanding how to double close as a new wholesaler, feel free to message me. We help wholesalers in DFW, Houston and SA all the time. Or - if you just need a little advice, here to help.
Wholesaling is a fantastic way to cut your teeth in REI and see what others are doing with their investments, don't let anyone discourage you, just learn how to do it where you are correctly structured.
Hey everyone, I just found this thread. Didn’t know if anyone else was active. I’m new to wholesaling here in the DFW area as well! Let’s connect and collaborate!
Real Estate Investor · Miami, FL · Member since 2010 · 939 posts · 739 votes
2y
Wholesaling in many states is ILLEGAL unless there is intent to purchase, i.e. a Double Closing. For Florida I refer you to Florida Statues 475.42 and 475.43. Many other states have similar language.
Lender · Houston, Tx. · Member since 2023 · 91 posts · 60 votes
2y
Having been a party to over 300 wholesale transactions, I can tell you with certainty that it is not illegal. Secondly, I am a realtor and also, I am a lender who sees wholesalers on the Hud all day. The above comment is correct, there are some states that have added an extra step (not assigning, extra disclosures etc) but in Texas you are fine. TREC has recently started to ask realtors their opinion on wholesaling but so far nothing has changed. You can use an assignment, or you can double-close using transactional funding.
If you need help understanding how to double close as a new wholesaler, feel free to message me. We help wholesalers in DFW, Houston and SA all the time. Or - if you just need a little advice, here to help.
Wholesaling is a fantastic way to cut your teeth in REI and see what others are doing with their investments, don't let anyone discourage you, just learn how to do it where you are correctly structured.
Having been a party to over 300 wholesale transactions, I can tell you with certainty that it is not illegal. Secondly, I am a realtor and also, I am a lender who sees wholesalers on the Hud all day. The above comment is correct, there are some states that have added an extra step (not assigning, extra disclosures etc) but in Texas you are fine. TREC has recently started to ask realtors their opinion on wholesaling but so far nothing has changed. You can use an assignment, or you can double-close using transactional funding.
If you need help understanding how to double close as a new wholesaler, feel free to message me. We help wholesalers in DFW, Houston and SA all the time. Or - if you just need a little advice, here to help.
Wholesaling is a fantastic way to cut your teeth in REI and see what others are doing with their investments, don't let anyone discourage you, just learn how to do it where you are correctly structured.
Having been a party to over 300 wholesale transactions, I can tell you with certainty that it is not illegal. Secondly, I am a realtor and also, I am a lender who sees wholesalers on the Hud all day. The above comment is correct, there are some states that have added an extra step (not assigning, extra disclosures etc) but in Texas you are fine. TREC has recently started to ask realtors their opinion on wholesaling but so far nothing has changed. You can use an assignment, or you can double-close using transactional funding.
If you need help understanding how to double close as a new wholesaler, feel free to message me. We help wholesalers in DFW, Houston and SA all the time. Or - if you just need a little advice, here to help.
Wholesaling is a fantastic way to cut your teeth in REI and see what others are doing with their investments, don't let anyone discourage you, just learn how to do it where you are correctly structured.
You can be a wholesaler, lender, and realtor at the same time?
Having been a party to over 300 wholesale transactions, I can tell you with certainty that it is not illegal. Secondly, I am a realtor and also, I am a lender who sees wholesalers on the Hud all day. The above comment is correct, there are some states that have added an extra step (not assigning, extra disclosures etc) but in Texas you are fine. TREC has recently started to ask realtors their opinion on wholesaling but so far nothing has changed. You can use an assignment, or you can double-close using transactional funding.
If you need help understanding how to double close as a new wholesaler, feel free to message me. We help wholesalers in DFW, Houston and SA all the time. Or - if you just need a little advice, here to help.
Wholesaling is a fantastic way to cut your teeth in REI and see what others are doing with their investments, don't let anyone discourage you, just learn how to do it where you are correctly structured.
You can be a wholesaler, lender, and realtor at the same time?
If you are a realtor that is wholesaling, just check your local Real Estate Commission rules. But essentially, you just need to ensure that you are not claiming to represent the seller and disclose on your contract that you hold an active license.
Lending - depends on if you are lending your funds or you are brokering the deal out. Most correspondence lenders will not want you to in addition get a fee. Most of them have guidelines also about how much a wholesaler can make from the deal.
Thomas, I’ve been studying up on the wholesaling laws here in TX. I will be obtaining my license here in TX just for some added advantages and knowledge. But wholesaling is completely legal in all 50 states though there are extra hoops in some cities and states (Philadelphia, and Oklahoma respectively).
Thanks Joe, I did see the TREC survey regarding wholesalers and yes they are a part of the RE ecosystem here that serves a need. I would definitely love to connect and learn more of the nuances of double closing here in TX. Thank you for your insight!
Realtor · Kansas City, MO · Member since 2021 · 118 posts · 25 votes
2y
I have some great resources to help out 1. New wholesalers 2. Those needing to double close. Would love to connect and help out anyone who needs some resources!
We do some wholesaling, Located in Richardson. DM me
HI Miron, I would love to connect with you about Richardson. I have a cash buyer looking specifically in Richardson. They are wanting to pick up 3 new single family houses. Do you have anything we can chat about?
New to Real Estate · Dallas, TX · Member since 2020 · 94 posts · 20 votes
10mo
Shalom Davis,
Thanks for the breakdown on Wholesaling in Texas legalities. Also, on the help you can provide to Wholesalers understanding Assignments and Double Closing TREC contracts. I do need more understanding on this matter indeed. But mostly I need a good skip-tracer and POF letter. Anyone can offer help on the matter?