is wholesaling illegal/ wife worried

[Account Closed]

Ok everyone, my wife is bugging me and I know I can get a quick reply here. Im closing on my first wholesale prop right now looking at around a 30k profit after selling the contract. My wife read something online that the act of wholesaling is pretending to buy someones home and then advertise the house  as if u are the owner selling it when you aren't really the owner or going to buy  it. She said that certain states do not allow wholesaling because you are essentially selling the house with no license and it is technically a crime.

The post my wife read was BP's post by Brian Turner called Is Real Estate Wholesaling Illegal.

[Jay Hinrichs]

@Patrick Britton

  I think you wanted to say NON owner occ.... equity skimming laws came to the west coast in about 08  they are very strong and severe in Oregon and WA.  I did my last sub too owner occ back in 07 and stopped when the new laws came into effect.  Of course I doubt many are aware of them.. But they will get you wrung up if your turned into the state.

I think for practical matters on the assigning of contracts.. one just needs to keep this out of the public space..  these deals need to be done between principals and without advertising them... like you said that's were these folks get hung up.. they tie up a property have no place to go with it stick it for sale on craigs list and whammo  selling RE without a license... :)