Where could I find information on legally wholesaling?

Question

Im located in ohio and I've listened to plenty of podcasts and read in the forums about people wholesaling and I believe it is something I would like to try. My concern is though there are laws in place that make it illegal to market a property with the expectation of reciveing a commission without a license, so from my understanding that would make wholesaling in Ohio is illegal. But I am seeing in facebook groups that there are still people wholesaling through marketing the contract instead of the property itself. Is this legal? If so I would like to pursue it and try to find a few deals but im really not trying to get myself into legal trouble. Would anyone know anything about this or have a recommendation of where I should go to learn about properly wholesaling in ohio?

Marc Rice · Answer

You should find a mentor who is already doing it. Otherwise just get your RE License and follow the standard agent laws.

John Teachout · Answer

The "legality" of wholesaling does vary from state to state so you are on the right track by finding out about the Ohio laws regarding it. And be aware that there are many who do it in spite of their methods being technically illegal.

David M. · Answer

@Garrett R.

Not sure where you can find legal information, but what you are seeing is basically correct.  Wholesaling differing from the brokering of real estate in that you are not brokering the sale, but you are selling your 'right to purchase.'  That is why the contract is being marketed.  You are selling/assigning the right to purchase the property.  So, as a wholesaler you need to get the property under contract yourself, then sell your right to purchase to an investor before closing...

Here is an active post, but there are many others:

https://www.biggerpockets.com/...