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).
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.
I'm new to all of this!! But very interested in learning all that I can. Is there a meetup that goes on in Hampton roads. I'm in Newport News. Any info is greatly appreciated .
Marquis, there are other ways besides assigning a contract to wholesale a deal. You can do double closes or disposable LLC's as well. I love using disposbale LLC's personally. All you have to do is create an LLC online and make your offer in the name of the LLC, then if your offer is accepted sell the LLC to your cash buyer for the amount of your wholesale fee. Since the LLC owns the contract, whoever owns the LLC owns the contract. This way no assignment is necessary. If the offer is not accepted, you are free to make the next offer under the same LLC.
This strategy works for me in Utah. But do check with an experienced investor friendly attorney on your area to make sure you can do it where you are. Taht attorney would also be able to give you good advice on how to make assignments work with the changing laws. And remember that double closes can work for wholesaling too.
@Marquis Washington I lived in the Hampton roads area for years and their generally always behind the times in terms of business and economic growth. It’s probably still legal but people there don’t like the idea of wholesaling and find it sketchy
I would love to connect and learn more about starting Property Preservation here in Pikesville, MD area of Baltimore or maybe JV on some wholesaling deals in Suffolk VA sometime in the near future.