assignment without a RE license in Ohio
I know Ohio has rules about wholesaling without a license and I could get into trouble. My question is can someone explain a step by step legal alternative to wholesaling in Ohio without a RE License, and then with a RE license.
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2 ways you can make money.
1. Get licensed and bring a buyer and a seller together and make a commission.
2. Buy a property. Take title. Sell said property.
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Very very simple just as james said buy the property already.. especially in those low value markets I am assuming your talking about sub 50k properties with many wholesale deals in the 5 to 25k range.. if thats the case.. save the money up so you can buy them.
Or find a transactional funder who will fund your deals into your name so you can legally sell them
or find a money partner create an LLC have said LLC buy the property then resell.
and of course to state the very obvious get a RE license and be realtor and earn commissions like every other realtor does.
@Michiel Hart, Read the following link "Watson and the regulators". Hopefully it will help you to decide what you want to do.
Originally posted by @Jeff Rabinowitz:
Wholesaling is not illegal in Ohio or most States but only if you do not advertise an interest that you do not have or try to circumvent licensing laws. Most wholesalers do not comply with the regs. Here is a link to a discussion between Jeff Watson, an Ohio licensed attorney and real estate investor, and two Ohio regulators: Watson and the regulators . They are short videos and cover many of the issues that catch the regulators' attention as well as what they view is proper. They are worth watching.
Thanks for all the fast replies@Jay Hinrichs, I'll check out that video too @Belinda D. thanks
@Jay Hinrichsor find a money partner create an LLC have said LLC buy the property then resell.
So if I have a LLC already with me as a partner I can buy and sell property using that and not my name? That sounds sketchy to me. @James Wise Thanks but I was looking for an explanation to assigning a fee on my deals prior to obtaining my RE license.
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@Michiel Hart the key is the partner that you bring in as a member or member manager brings in the cash.. this assumes the reason your doing this is capital to buy the properties is an issue with you.. If it is not an issue and you have capital to buy
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@James Wise Thanks but I was looking for an explanation to assigning a fee on my deals prior to obtaining my RE license.
That would be brokering without a license.
2 ways you can make money.
1. Get licensed and bring a buyer and a seller together and make a commission.
2. Buy a property. Take title. Sell said property.
You can buy in your name or in an LLC. Either way works.
@James if you are a licensed agent, the regs aren't going to come after you if you, "advertise." a contract that you are trying to assign even if it doesn't get to closing?