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Larry Hill
  • Real Estate Investor
  • Chicago, IL
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Brand spanking new to the forum- Confusing question...

Larry Hill
  • Real Estate Investor
  • Chicago, IL
Posted Mar 16 2014, 13:36

Good afternoon.

My name is Larry. I'm brand new to this forum and REI in general. I've been studying the work of Sean Terry for a couple weeks now and I'm ready to make my first move. However... my father in law, a real estate agent for 25 years, has told me that I will end up in federal prison if I don't get a license before doing any wholesale transactions. I've talked with him till I'm blue in the face, and yet he still insists that I should not proceed forward and that what I would be doing is illegal unless I actually PURCHASE the house before selling it. He said that I cannot bring a seller and a buyer together legally. Should I listen to his advice or is Sean Terry right? Is there any diplomatic way that I could explain the legality of this to him without sounding like an idiot? I'm green and wet behind the ears and he's seasoned with a quarter century under his belt. I'm very deflated and discouraged at this point.

Thank you so much in advance and I'm sure that this question has been asked many different ways and a "newb" is often looked down upon, but what I'm asking you to remember, is that everyone was "new" at one time and I'm trying to figure out how to do this correctly and LEGALLY. I'm a police officer and a father of a small child and the last thing I need is to break the law trying to make a career change. Thank you!

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