All Forum Posts by: Charles Craggett
Charles Craggett has started 4 posts and replied 39 times.
Post: Getting Busted in Ohio for Wholesaling and Praticing RE without a License
- Cleveland, Oh
- Posts 42
- Votes 13
After reading this....I have decided that attempting to wholesale with no license is to much headache. It would be just my luck that out of all the people who do this without getting caught...I wind up being the one in front of a judge facing fines. 1,100 is a cheap price and the classes are a month here in Cleveland. Planning to take a step back. Get my license within the next few month's than come back swinging.
Post: Newbie in Lakewood, OH
- Cleveland, Oh
- Posts 42
- Votes 13
Hello Laura, I am looking to get started myself. I live right down the street from lakewood on the west side of Cleveland. Best of Luck with your business. Look forward to conversing with you.
Post: Reaching Out to my Fellow Ohio Investors!
- Cleveland, Oh
- Posts 42
- Votes 13
Hello BiggerPockets! I introduced myself on an earlier forum. But as previously stated I am a new investor in the Cleveland Area. I just wanted to reach out to my fellow Ohio investors, as well as anyone looking to connect. Look forward to conversing with you all.
Cheers.
Post: Newbie From Cleveland, Ohio
- Cleveland, Oh
- Posts 42
- Votes 13
Welcome, I am new as well and looking to get started here in the city of Cleveland as well! Best of luck!
Post: Wholesaling: All advice or input is welcome
- Cleveland, Oh
- Posts 42
- Votes 13
Originally posted by @James Wise:
120 hour course to get licensed.
If you have the ability to close do so. Then resell on the MLS.
Thank you James
Post: Wholesaling: All advice or input is welcome
- Cleveland, Oh
- Posts 42
- Votes 13
Originally posted by @James Wise:
Welcome to the site Charles.
Forget what you may have heard from the guru's. It is all junk.
If your looking to make money by connecting a buyer and a seller together you will need to become licensed and act as a real estate agent. This is the only legal way you can earn money in the industry without taking the title of a property.
Lots of money to be made once your licensed.
Good luck to you.
Is wholesaling via contract really creating this many issues? And how long does it take to be licensed as a real estate agent? I would really like to be successful in my business. And I have properties with contracts underway. But I don't want to be engaged in anything illegal. Are assignment/double close deals really that bad if I can close by myself if things go bad?
Post: Wholesaling: All advice or input is welcome
- Cleveland, Oh
- Posts 42
- Votes 13
Originally posted by @Timothy Murphy III:
No, more specifically relating to unlicensed broker / agent activity. I believe the crack down is coming against wholesalers that attempt to tie a property up with a contract but lack the ability or intent to actually close themselves if an assignment isn't possible. I'm no expert on the subject as I'm neither a broker / agent nor a wholesaler but if you look around there's been all sorts of Ohio-specific discussion about the topic on the forums.
And yes almost every city requires a point of sale inspection and an escrow deposit to cover violations upon a sale.
I'll have to look into those discussions. Thank you.
Post: Wholesaling: All advice or input is welcome
- Cleveland, Oh
- Posts 42
- Votes 13
Originally posted by @Timothy Murphy III:
Welcome to the forums. If you're looking to get started in REI without a lot of cash or credit behind you, I'd recommend reaching out to rehabbers and property managers that operate in the Cleveland area and see what sort of arrangements they have with "bird dogs" that bring them property leads. Be careful with wholesaling because it's come under a lot of scrutiny in Ohio lately.
What sort of scrutiny? I ran into a situation in Lorain where the cost of repairs had to be held in escrow. Are these the situations you are talking about? Also thank you for the heads up.
Post: Wholesaling: All advice or input is welcome
- Cleveland, Oh
- Posts 42
- Votes 13
Hello, my name is Charles. I'm a new investor in the Cleveland, Ohio area. As it stands I have only been doing marketing, trying to locate buyers, sellers, and power team members. The marketing has gone well however I am now ready to begin my next step in the process; securing and closing that elusive first deal. Any advice for a newbie? In the realm of finding deals, better evaluating them, better "cash buyer marketing?" etc? What are you all doing that has been successful? And what mistakes have you made that I should try my best to avoid? Its all appreciated in advance.
Best Regards.
Charles Craggett