I'm a local Realtor in Washington state and I want to get into wholesaling to build capital for my REI company, I'm new to investing, don't have a lot of funds and looking to start and grow, what are the laws regarding me wholesaling as a Realtor in Washington
I would start your search here. http://www.dol.wa.gov/business/realestate/lawsrule...
If you don't see what you need, I would call the real estate commission. The marketing of the properties and how you go about doing that is very critical. I would not be afraid to ask them specific questions regarding what your considering doing. You will get straight forward answers for the areas they can feel comfortable answer your questions.
Some items are a matter of interpretation of the law and they will not answer questions related to these areas. I would then seek out a competent attorney that has a background working with real estate investors (one with specific knowledge of wholesaling or assignment of contracts and the marketing of such). That attorney can give you the back ground on the case law related to the subject.
Craft your business to be in compliance and all will go extremely well from there. Being an agent, you have an advantage that most wholesalers don't, so take the time to get it right and then go do a ton of business. You probably will choose to do nothing but wholesale as that side of your business grows. But its a great way to get listings for those that don't want to sell at a discounted price?
This sounds like good info. I'm also getting my start wholesaling. Does calling the real estate commission also work or is it different state to state?
I don't have info on laws or closed a deal so you may be a better marketer than I but if you want some info on ideas that I think work well for marketing I can help if you want it. Good luck, I hope everything goes good for you!
@Cody Evans I have always been one to go directly at the question or the entity that can answer the question or who has authority. I don't like to beat around the bush, and there is no risk in asking the questions? The risk is in not asking or not understanding the requirements.
The times that I have called the real estate commission regarding my wholesaling activities or up coming activities, I have always gotten straight answers from them. At least in the areas that didn't require a legal interpretation?
If you haven't already, I'd have a talk with your broker to make sure he knows exactly what you're planning on doing. Personally, I wouldn't let someone who hangs their license with me wholesale properties.
@KevinRomines thank you for your response I'm going to check with local laws to see if there are any specifics regarding my questions.
@Kevin Romines Thank you for your great advice! Do you have any recommendations for a competent attorney in Washington state who has a background in wholesale real estate investors? Or where I should start looking?
@Hannah Han I would look up @Scott Hildebrand on here. He's an attorney that works with many flippers and also attend the local meetups for the investors.
@Kevin Romines Awesome, I will reach out to him. Thank you so much!
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