Ohio Realtors Wholesaling Practice

4 Replies

Im minutes away from getting a no brainer deal under contract yielding a $50k profit. The only hesitation i have is that Im a licensed realtor and am unsure of how to structure the assignable contract. Is there anyone who is familiar with this situation??? Are there any agents who have wholesaled a property???

HI do it all the time feel free to call

(705) 474-4794
Originally posted by @Jalil Carter :

Im minutes away from getting a no brainer deal under contract yielding a $50k profit. The only hesitation i have is that Im a licensed realtor and am unsure of how to structure the assignable contract. Is there anyone who is familiar with this situation??? Are there any agents who have wholesaled a property???

 I'm not a realtor but I wholesale alot and I'm based in Dayton, OH. I also know realtors that wholesale.  I believe since you are a realtor you have disclose that to the seller. You may need to use a board of realtors contract as well.  Any contract is assignable unless it specifically states that it is not assignable (Please check with your attorney as I'm not an attorney). If you chose to use a different contract other than the board of realtors contract then you could have a contract that states that Jalil Carter and or assigns.  Once you have the contract with your seller you can market that to your buyers. The good thing about your situation is that you don't to worry about brokering without a license since you are a realtor.  You may also have to double close on this contract if you plan on making $50K in profit. You can use transactional funding if you do not have the funds to close.  Good luck. 

Originally posted by @Linda Labbe :

HI do it all the time feel free to call

 Thank you! Expect a call later today! 

@Jalil Carter As a licensed broker and an investor in Ohio, I can echo much of what @Paul Amegatcher has already stated, and expand a little:

1. You must disclose you are licensed, in writing, on any contract.

2. In Ohio, any contract is assignable unless it's specifically prohibited in the contract.

3. Your broker needs to be aware of what you're doing. If they have a problem with it, start looking for a new broker.

4. Your Board contract is generally unnecessary. A simple one or two pager is fine. Emphasis on simple.

5. A large profit warrants a double close. If you don't have the money to close it yourself, get transactional funding. Spending a couple thousand on transactional funds sure beats your deal blowing up because the buyer and/or seller sees your profit on a single HUD.

Best of luck, and let us know how things turns out for you.

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