Updated over 5 years ago on . Most recent reply
Wholesaling in Kentucky
Hey BP,
Quick Wholesale question. Are you legally able to find distressed properties and get them under contract as a Non-Licensed agent in the state of Kentucky? I plan on getting licensed anyway, that won't be until later down the road. Is it possible to start building a portfolio before hand? I know you can Wholesale Legally & Illegally - its all about the approach. So I'll break it down how I see it:
1. Find a Property in Distress
2. Contact the Owner
3. Get it under Contract
4. "Sell" the Contract to a Cash Buyer / Middle Man the Deal
5. Take the Seller Contract & Buyer Contract to a Title Company
6. Seller get their money, Buyer gets the deed, I get the finders fee.
Is this legal to do in Kentucky or is it illegal since I would be operating it as an unlicensed agent? ALSO - If it is perfectly legal can I register an LLC, and operate a wholesale business under a business name? Can I create a website and name to showcase my wholesale properties without an LLC, ?
Would I be better off just waiting until I'm a licensed agent in the state of KY to begin this process and avoid any of the legal hassles?