Updated over 7 years ago on . Most recent reply
Wholesaling danger in Florida
I just came across an older thread about wholesaling in Florida that basically said it's illegal to get a property under contract then market and sell it without a broker's license. This has me concerned as I have this exact type of deal on the table right now. Luckily, if what this thread says is true, I haven't done anything illegal yet. I posted at the end of the thread, link here, an idea for a potential workaround. Anyone with similar experience in Florida or any other state please take a look and let me know what you think. All help is greatly appreciated
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@Teren Cooley if I may play devil's advocate for a minute....
Does it make logical sense that someone who, presumably, owns a number of properties and lots, is going to sell you, someone he's not related to, for 1/5th of its value?
Why would this person do that?
Have you seen the land?
How did you put a value on it? Are you experienced in the market and land valuatuons?
If you told me that you made a deal to buy a $100K piece of land for $75k, I would have thought that you were a good negotiator and made a compelling case to sell quickly, for a discount.
But $20k? I would be very cautious. There may be something that you dont see here....