How can I start wholesaling in Illinois?

Question

I want to start wholesaling in Illinois. I know the business inside and out however Illinois new law has me confused. [Solicitation Removed by Moderators]

Rob Hayes · Answer

@Will Barnard gives great advice here...  Just get the license!   Or even better yet... why not just do the deal?   With money being so incredibly cheap and easy I don't understand why any wholesaler wouldn't just do the deal?!?!

[Solicitation Removed by Moderators]

Will Barnard · Answer

If you know the business inside and out, why not get licensed and get legal double ended or triple ended commissions? You list, you have your rehab buyer you represent and you re-list on their exit. 3 commissions for finding one seller! AND all legal in any state.

Finding ways around the legalities shows just how bad this industry has become with all the gurus selling their crap to wannabie wholesalers and the desperate for what they are told is quick and easy cash. BS

Scott Swanson · Answer

Clinton,

The new law says you get to wholesale 1 deal per year. You can't assign the contracts, do double closes, put it in an LLC and sell it, etc. The law is tighter than a gnats butt stretched across a 55 gallon drum! They want you to be a licensed realtor, if you're going to do more than 1 deal per year. However, where there's a will, there's a way. Let's just say I know wholesalers who have done more than 1 deal in Illinois and are not licensed. Best of luck!