Real Estate Wholesaling Questions & Answers

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Jesse Poll
  • Real Estate Agent
  • St George, UT
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Wholesaling in Nevada

Jesse Poll
  • Real Estate Agent
  • St George, UT
Posted Feb 4 2012, 21:21

I am a new investor and new to this site. I have not figured out how to use the search so I apologize if this question has been addressed before. A couple questions

I was told by a Realtor that it is illegal in Nevada to sell a contract to another buyer. Is there anyone here that can enlighten me on this as to where I can find out for sure before I start and get into something I can't get out of.

I was also told by the same Realtor that Sandwich leasing is illegal in Nevada.

Any sources that you know of that I can get good information on this would be helpful. I am having a hard time believing that Wholesaling is not going on here.

Real Estate Agent Utah (#8955237-SAOO)

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Jon Holdman#1 Hawaii Real Estate Q&A Discussion Forum Contributor
  • Rental Property Investor
  • Mercer Island, WA
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Jon Holdman#1 Hawaii Real Estate Q&A Discussion Forum Contributor
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied Feb 4 2012, 21:40

When told something is illegal, ask for a reference to the specific statue.

Wholesaling is, for all intents and purposes, unlicensed brokering. You assign a contract, double close, buy in an LLC and sell the LLC or some other technique that makes you a principal to the deal, but the basic idea is you find a buyer, find a seller, put them together and collect a fee. Same job as a real estate agent.

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Ryan Webber
  • Wholesaler
  • Amarillo, TX
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Ryan Webber
  • Wholesaler
  • Amarillo, TX
Replied Feb 9 2012, 17:52

Most realtors are idiots when it comes to investing. I would find a real estate investment club or call some of the "I buy houses" people and ask them.

I don't see how selling your contract could be illegal or subleasing for that matter either.