Cape Coral, FL · Member since 2017 · 15 posts · 3 votes
If I am trying to wholesale vacant land from people who are behind in taxes(preforeclosure) what needs to be on the contract? And do I need tobgo through a title company to get the deed?
Wholesaler · Sunnyvale, CA · Member since 2016 · 106 posts · 58 votes
7y
@Christopher Moss
I am a land investor and I can let you know that if you buy a property at 30% of MV, you’ll have no trouble selling it for 60%. Why bother to wholesale? It takes 30 days to purchase a property through a title company then you own it outright. If you find something at 30% and you do your due diligence you almost can’t lose. The only times I’ve tried to wholesale is if a parcel is landlocked and I don’t know how to value it. Wholesaling is definitely a grey area and I’m no lawyer. That being said lots of people do it, but you have to understand the nuances, marketing the contract not the property, etc. check out this article by Seth Williams to learn more about it:
https://retipster.com/wholesaling-made-easy/
The bottom line is this, you’re better off just finding a better deal and buying it than trying to wholesale.
Real Estate Agent · VA · Member since 2008 · 420 posts · 175 votes
5y
Not gonna lie to you, if your looking to purse vacant land, the buy price is so cheap at times that you honestly don't need to go the route of wholesaling anything. Setup some funds aside to buy land, close on it, then worry about selling it. I am in process of buying a 5 acre land in Colorado for 1.6k.
I will preface this by saying that while I am a lawyer, I am not currently your lawyer and I am simply providing educational information for purposes of discussion on this message board.
I'm a practicing attorney here in Florida and a decent amount of my work deals with administrative licensing issues w/ agencies like the DBPR. I have quite a bit of experience in the area and a 10 year old charge can absolutely prevent you from becoming licensed. If you are a convicted felon, that's almost certainly a bar to entry absent extraordinary circumstances. If it was a misdemeanor involving dishonesty or false statements, it could still have an effect but after 10 years you should be able to show sufficient rehabilitation. If you would like, send me a private message and I can give you some advice on whether licensing is possible/worthwhile.
Additionally, I agree that wholesaling is, at best, a legal gray area and DBPR in Florida is not afraid to act decisively to protect the interests of people who hold state licenses. I'm licensed as an agent but I would never even get close to wholesaling without a license. YMMV but I tend to be very risk averse when it comes to acts that could be construed as criminal.
Finally, Florida has very strict rules on sealing and expunging records so depending on your record, that may or may not be possible. I do 1-2 seals/expunges a week so I can likely give you some guidance there as well.