Is Wholesaling Done For in (Hampton Roads) Virginia???

Is Wholesaling Done For in (Hampton Roads) Virginia???

Wholesaler · Indianapolis, IN · Member since 2012 · 22 posts · 7 votes

I'm an agent here in Hampton Roads (Coastal) Virginia and a former wholesaler.  I've been told time and time again that the laws have changed in reference to doing wholesale deals.  Specifically, assigning of contracts.  I have at least one title company here on the coast that will actually complete assignment contracts which means to me that wholesaling is not yet illegal.  What say you??  Is wholesaling illegal here in Virginia?  Who are the title companies here in Norfolk and points coastal that will still close these types of deals?  

I'm curious but kinda angered that these agents are all up in negative emotions about wholesaling.  We are really doing a great service (so I thought).

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Real Estate Agent · Hampton Roads, VA · Member since 2016 · 87 posts · 46 votes
9y
My RE Attorney Jenny l Colon P.C does my wholesales and double closes Q she's in Chesapeake. Just closed one last week and and two more next week. I'll text you her info. You know I'm an agent too and that's what they used to say to me but Realtors aren't attorneys and I've learned that a lot of them love to speak on things they know absolutely nothing about. If Realtors aren't investors themselves they usually have minimal knowledge of the investing world. Keep it up don't let someone other than an attorney tell you something's illegal. I'll send her info over now.
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  • Raleigh, NC · Member since 2011 · 721 posts · 343 votes
    9y

    I can't say that I know the laws of Virginia. However, it would appear strange if you can't wholesale. With that being said. I'd recommend attending your local REIA and touch base with other investors and attorneys there..........good luck

  • Real Estate Agent · Virginia Beach, VA · Member since 2014 · 47 posts · 22 votes
    9y
    I imagine the wholesalers I've been talking to recently would say it's still legal.
  • Real Estate Agent · Hampton Roads, VA · Member since 2016 · 87 posts · 46 votes
    9y
    My RE Attorney Jenny l Colon P.C does my wholesales and double closes Q she's in Chesapeake. Just closed one last week and and two more next week. I'll text you her info. You know I'm an agent too and that's what they used to say to me but Realtors aren't attorneys and I've learned that a lot of them love to speak on things they know absolutely nothing about. If Realtors aren't investors themselves they usually have minimal knowledge of the investing world. Keep it up don't let someone other than an attorney tell you something's illegal. I'll send her info over now.
  • Patti RobertsonBusiness Member
    Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
    9y

    @Marquis Washington - That's crazy talk! There is nothing illegal about wholesaling.  Now, wholesalers don't always legally wholesale!  In order to legally wholesale, you have to be the person or entity who has the property under contract.  You cannot market a property I have under contract to your investor list and say we are joint venture partners or something similar. That's what is illegal, because that constitutes brokering real estate, which requires a license to do. 

    Is this what you are thinking of?

  • Realtor · Port Orange, FL · Member since 2016 · 20 posts · 6 votes
    9y
    Marquis Washington Wholesaling is NOT illegal in Virginia. Now I don't know for sure if duel closing is or not. But the assignment of contracts itself is not. I'm also licensed and do wholesaling. I had to do my research on the legalities of that as well. As long as you disclose that you are a licensed agent in Virginia but are not acting as such in this particular circumstance then you're fine. It definitely forces you to be ethical in your investing which everyone should do anyway...
  • Real Estate Agent · Virginia Beach, VA · Member since 2016 · 29 posts · 24 votes
    9y

    Any competent title company will do a wholesale closing. Like Patti mentioned, the act of wholesaling isn't illegal, but sometimes it's attempted in an illegal manner. Be educated on the terms and contracts. Joining a local investor group will be of high value for you.

  • Petersburg, VA · Member since 2017 · 9 posts · 6 votes
    9y

    I'm new to the wholesale game, I'm a virginia resident and am seeking how to properly set up all contracts for a wholesale agreement. From the seller I find to the buyer I assign the contract to. Any help would be greatly appreciated as I'm eager to dive in but I definitely want to make sure my *** is covered legally.

  • Petersburg, VA · Member since 2017 · 9 posts · 6 votes
    9y

    I'm new to the wholesale game, I'm a virginia resident and am seeking how to properly set up all contracts for a wholesale agreement. From the seller I find to the buyer I assign the contract to. Any help would be greatly appreciated as I'm eager to dive in but I definitely want to make sure my *** is covered legally.

  • Real Estate Agent · Portsmouth, VA · Member since 2015 · 90 posts · 22 votes
    9y
    No. I just closed one last Thursday.
  • Real Estate Agent · Farmville, VA · Member since 2017 · 116 posts · 32 votes
    9y

    @Justin Blankenship There is a few good guides here on BP for wholesaling.  In NOVA area I recommend gathering the right team member to help execute in this competitive market. We can surely link up soon to talk!

  • Richmond, VA · Member since 2017 · 35 posts · 4 votes
    8y

    @Brandon Kilbride  What about wholesaling or assigning lease options in Va?

  • Rental Property Investor · Richmond, VA · Member since 2018 · 76 posts · 28 votes
    7y

    @Marquis Washington Just closed on a wholesale deal in Richmond last week with no issues. @Justin Blankenship @Don Cuffy - I’d love to be added to your buyer list. If anyone else on this thread knows any good wholesalers in Richmond, NoVa or Hampton Roads I’d be very interested!

  • Flipper/Rehabber · Virginia Beach, VA · Member since 2012 · 96 posts · 42 votes
    7y

    @Marquis Washington wholesaling is alive and well here in Hampton Roads, I agree with @Patti Robertson that you have to know the correct legal way to operate but other then that bring on the deals.

    Please feel free to reach out for call if I can help you in any way.

  • Member since 2018 · 12 posts · 1 vote
    7y

    @don cuffy @Shawn Bowen Interested in being added to your buyer list as well. Focusing on SFH's for BRRR opportunities.

  • Roanoke, VA · Member since 2016 · 24 posts · 5 votes
    7y

    So, in Virginia, If a wholesaler markets a property to his or her list, before putting the property under contract, that is considered illegal, correct?

  • Lender · Fredericksburg, VA · Member since 2018 · 51 posts · 12 votes
    7y

    @Amberle Farthing is it refreshing to hear of a closing attorney who knows how to conduct double closings and agents that appreciate the work of wholesalers . We've done flash fundings for wholesale deals and it is sometimes difficult to locate a closing professional.

  • Flipper/Rehabber · Virginia Beach, VA · Member since 2012 · 96 posts · 42 votes
    7y
    Originally posted by @Brandon Davis:

    So, in Virginia, If a wholesaler markets a property to his or her list, before putting the property under contract, that is considered illegal, correct?

    That is correct 

  • Portsmouth, VA · Member since 2019 · 4 posts · 1 vote
    7y

    So, what are some great title companies used in closing an assignment here in Hampton Roads?

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Account Closed:

    @Amberle Farthing is it refreshing to hear of a closing attorney who knows how to conduct double closings and agents that appreciate the work of wholesalers . We've done flash fundings for wholesale deals and it is sometimes difficult to locate a closing professional.

     i like that flash funding   cool term i am stealing it .. just letting you know  LOL.. I assume thats transactional funding ?

    title and escrow out in the west will no longer allow pass through closes..  everyone needs their own money..

  • Wholesaler · Chesapeake, VA · Member since 2017 · 10 posts · 6 votes
    7y

    Who is doing wholeselling in Virginia, im in Suffolk Virginia myself. 

  • Norfolk · Member since 2018 · 2 posts · 0 votes
    7y

    How exactly do you all execute these sales. I'm extremely interested in the quick exits that wholesaling provides. I started my REI adventure with 2 rental properties but am trying to expand and am looking for tried and true people to learn from and utilize to continue to grow. I'm currently stationed in Norfolk, VA and am trying to make the most of being in such a great investment area to learn as much as I can. Does anyone want to share how they do their deal?

  • Flipper/Rehabber · Virginia Beach, VA · Member since 2014 · 74 posts · 31 votes
    7y

    @Nathan R. Williams bought two this month from Wholesalers. Alive and well in Hampton Roads

  • Realtor · Norfolk, VA · Member since 2016 · 24 posts · 7 votes
    7y

    Yes, it is! I'm currently working on a deal with some wholesalers!

  • Wholesaler · Chesapeake, VA · Member since 2017 · 10 posts · 6 votes
    7y

    I already have a business doing Property Preservation, I am want to start doing wholeselling, I am in Suffolk Virginia, and want to learn and start doing it. Is any one willing to teach me?

  • Rental Property Investor · Clovis, NM · Member since 2018 · 118 posts · 55 votes
    7y

    @Ryan Boyce @Erica Rich do you have any wholesalers you'd want to share? I have one that I actively follow but so far nothing that has been up my alley. I'm looking for 2-8 unit properties.

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