Updated about 9 years ago on . Most recent reply
I am a real estate agent and my LLC is a wholesaler..
Just starting wholesaler operations and registered an LLC, which will be the front end of it.
I am not the only owner of the LLC...
Would appreciate any comments (from other active or inactive licensee) on disclosures to buyer/sellers during the first contact, which can be appropriate in this case. Any other considerations to keep in mind while doing wholesaling on active license.
Most Popular Reply
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
DISCLOSE immediately. Also, I would represent, in writing, that I am working on my own behalf and not wearing an agent hat. I have purchased several properties (I don't play the assignment game) and always put in my offer contracts that I am a licensed agent, making an offer with a profit motive, and under market value. I have found through the years there is no need to deceive people. Some will sell and some won't. Remember, all they want is the money and don't care who it comes from. I have had people approach me because I am an agent. Does that fact hurt you? Usually not. Remember though, of the ten most common reasons agents get sued two are:
1. misrepresentation of value
2. fraud
Working as an agent you probably have E&O insurance. Working on your own you don't. So, I tell the seller: I will list it for x or buy it for y. Simple enough!