How do I find out the laws around wholesaling?
I'm interested in getting into REI. And I figured if I dive enough into it, then I'm bound to find properties that I don't have the cash for or don't want to spend the time finding financing so I want to be prepared to wholesale if needed.
I'm in Wisconsin, how do I find out what I can and cannot do in my state? Does anyone know from experience?
do a search of the forum. Seems to me the consensus is that it is technically not legal and you need to have a real estate license. That being said, it happens all the time. I've bought properties from other investors who wholesale them to me. One way to keep it legal is to actually purchase the property and then turn around and sell it to the next investor.
you need to read the state statute on real estate brokering, and understand the states definition of brokering as it applies to real estate. If you intend to wholesale, Wisconsin sees it as Brokering, because it is "for a fee" (your assignment fee) "and for another" (the person you are finding a and buyer for) also not to be snarky, but if you are not willing to put in the time to find financing, you will fail to find any deals. finding deals to wholesale or even buy low enough to double close takes a lot of time. lie the saying "its either time or money" and if you dont have any money its gona take a lot of time. there is no easy way in this game. Good Luck
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