What are some laws I should be aware of when Wholesaling in Michigan?
If you are doing under 5 transactions per year; then can do a buy-sell as a wholesaler without a license in Michigan. You have to be transparent with seller that you are going to assign the contract to another buyer; if that is what your intention is.
PS: This is NOT legal advice.
@Saravanan Saravanan so I have to tell him that I’ll be wholesaling the property? If I don’t want to do that can I do double close ?
@Saravanan Saravanan so if I want to wholesale the seller have to know that I’m not buying his property?
@Ander Lantigua If you are double closing using transactional funding; then you don't have to say that you are not buying, in my opinion
When you are doing an assignment you can mention the language as part of the contract.
If you are unsure, you can always have the verbiage on the assignment.
These are suggestions so that the wholesaler has clean, transparent, and doing what is right for the long term.
Agreed 100% with @Saravanan Saravanan . Always be transparent from the start! If you plan to double close and need Transactional Funding, My wife and I offer Transactional Funding. (website is about to go live, but for now you can see on FaceBook as well) "Wholesalers Transactional Funding"
We too also run a wholesale business, but i'm primarily in Georgia.