Wholesaling in Flordia

Wholesaling
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Wholesaling in Flordia

Justin Stetson
New to Real Estate · Kennewick WA · Member since 2019 · 16 posts · 3 votes

I am new to wholesaling and wanting to start in the Bradenton/Sarasota. I am seeing that there are alot of concerns about it being illegal and it's making me worry about even getting into wholesaling. I was hoping someone could put some light to this that is actively wholesaling in the state. 

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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Originally posted by @Adam Mitchell:

@Justin Stetson its not illegal. You just need to use the correct wording. You are buying and selling a contract on houses not the actual houses. Remember that. 

IN  Texas that is absolutely true  in other states that's absolutely false. and FLA Is one of those.. we have to be careful with blanket statements.

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  • Adam Mitchell
    Rental Property Investor · Richardson, TX · Member since 2019 · 120 posts · 82 votes
    7y

    @Justin Stetson its not illegal. You just need to use the correct wording. You are buying and selling a contract on houses not the actual houses. Remember that.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Adam Mitchell:

    @Justin Stetson its not illegal. You just need to use the correct wording. You are buying and selling a contract on houses not the actual houses. Remember that. 

    IN  Texas that is absolutely true  in other states that's absolutely false. and FLA Is one of those.. we have to be careful with blanket statements.

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  • Damarius Gilbert
    Specialist · El Paso, TX · Member since 2016 · 105 posts · 84 votes
    7y

    Yeah Florida will go after you. Find transitional funding. Buy and Sale same day. Plenty of lenders out there to loan you money for the day for a point or two. Probably make a lot more than assignment. Because buyers always complain when they see the assignment and what you getting for the deal. 

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  • Adam Mitchell
    Rental Property Investor · Richardson, TX · Member since 2019 · 120 posts · 82 votes
    7y

    @Justin Stetson each state may have a little different language which you aught to learn I agree with the others on and possibly need to wholesale via a specific process. But if anyone on here tells you its illegal than that means 100s of wholesalers are operating illegally in Florida. No way! They are right right I am in TX so find someone doing it there now and find out how they are doing it legally. Post your response. Good luck.

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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    7y

    @Adam Mitchell @Justin Stetson Yes, there is nothing illegal in itself just assigning a contract or double closing, but.....once you advertise the house itself, or details about it, that is illegal in FL.  The fl statutes will tell you this, 475.43 I believe it is.

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  • Justin Stetson
    OP
    New to Real Estate · Kennewick WA · Member since 2019 · 16 posts · 3 votes
    7y

    Thank you all for replying. On the 16th of August. I have an appointment with a lawyer to find out what am I allowed to do and cant do when wholesaling. Again thank you all for commenting. 

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  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    7y
    Originally posted by @Justin Stetson:

    Thank you all for replying. On the 16th of August. I have an appointment with a lawyer to find out what am I allowed to do and cant do when wholesaling. Again thank you all for commenting. 

     Not all lawyers know the law. 

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  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    7y

    The easiest thing to do is just get licensed

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