So I want to start wholesaling houses but I don't have money to be buying a house and I learned that I can use contract assignments to make money without having to buy a house but in some states its illegal and some its legal. So I read on a article on biggerpockets that I should seek a real estate attorney and ask them if its legal in my state. another bigger pockets member said that I should contact Alabama State Bar. I'm just looking for advice on what I should do
So I want to start wholesaling houses but I don't have money to be buying a house and I learned that I can use contract assignments to make money without having to buy a house but in some states its illegal and some its legal. So I read on a article on biggerpockets that I should seek a real estate attorney and ask them if its legal in my state. another bigger pockets member said that I should contact Alabama State Bar. I'm just looking for advice on what I should do
Assigning contracts is legal in all 50 states.
Where people get into trouble is when they try selling a house (wholesaling) they don't have a contract on and advertise the house instead of advertising the assignment. There is a difference. You can't sell what you don't own.
Another problem area is when people don't tell the homeowner that they personally are not buying the house and mislead the homeowner.
So I want to start wholesaling houses but I don't have money to be buying a house and I learned that I can use contract assignments to make money without having to buy a house but in some states its illegal and some its legal. So I read on a article on biggerpockets that I should seek a real estate attorney and ask them if its legal in my state. another bigger pockets member said that I should contact Alabama State Bar. I'm just looking for advice on what I should do
Assigning contracts is legal in all 50 states.
Where people get into trouble is when they try selling a house (wholesaling) they don't have a contract on and advertise the house instead of advertising the assignment. There is a difference. You can't sell what you don't own.
Another problem area is when people don't tell the homeowner that they personally are not buying the house and mislead the homeowner.
@Account Closed do you know what steps I should do or any articles I can read on what to do to get started I want to get to it
Since I'm not a wholesaler or a real estate agent, I'm not a good source for the finer points of wholesaling. But, I bet if you click on the Magnifying Glass (looks like a Q) in the upper right hand corner and search for "wholesaling" you will find loads of information.