All Forum Posts by: Michiel Hart
Michiel Hart has started 4 posts and replied 7 times.
No @Steve Vaughan I was not part of the deal lol I just heard about it secondhand from a associate of mine and was wondering peoples opinions on the transaction. I'm actually preparing to take my nat and state in a couple of weeks to obtain my license! And@Charles Socci I agree that an open and honest relationship with people in general would be best.
A real estate agent forms an LLC. While previewing the new listings on the market the agent sees a bank-owned listing priced to sell quickly. The agent writes an offer on the property in the name of the LLC. The bank addendum prohibits agents from purchasing bank-owned assets. The agent's LLC buys the property. Is going about it this way ethical or unethical?
Hello BP, how much money would you need down for a purchase agreement for a property under $40k in OH as a wholesaler. Just asking because some use a percentage rule and some just use $10 that I've seen.
Post: assignment without a RE license in Ohio
- Hiram, OH
- Posts 7
- Votes 2
Thanks for all the fast replies@Jay Hinrichs, I'll check out that video too @Belinda D. thanks
@Jay Hinrichsor find a money partner create an LLC have said LLC buy the property then resell.
So if I have a LLC already with me as a partner I can buy and sell property using that and not my name? That sounds sketchy to me. @James Wise Thanks but I was looking for an explanation to assigning a fee on my deals prior to obtaining my RE license.
Post: assignment without a RE license in Ohio
- Hiram, OH
- Posts 7
- Votes 2
I know Ohio has rules about wholesaling without a license and I could get into trouble. My question is can someone explain a step by step legal alternative to wholesaling in Ohio without a RE License, and then with a RE license.
Originally posted by @John Griswold:
Originally posted by @Michiel Hart:
Hello eveyone, I'm new to the site and to real estate as a whole and just had a question that no one seems to want to give a straight answer to: Is wholesaling illegal without a real state license in Ohio and if not, why?
If a person is wholesaling for a "commission", then they are a acting as a broker without a license. If a person is assigning their interest, then it seems that they are within the law. Here is a seemingly decent article on the subject - http://houseflippingagent.com/2014/06/05/the-ohio-...
Be sure to read the comments below the article citing the actual laws.
Is wholesaling illegal? No.
Is it easy to break the law wholesaling? I'm afraid so.
I would highly recommend finding an experienced mentor as your first goal.
Thanks for all the info and to all the replies, yes it seems as though being a wholesaler is a very sketchy area in the real estate business. I'm going to a local college to receive my real estate license (sub-salesperson) and just stated meeting with my local brokers and the area I could be brokering in has a high selling value. I'm excited to be joining the forums and hope to find a mentor soon!
Hello eveyone, I'm new to the site and to real estate as a whole and just had a question that no one seems to want to give a straight answer to: Is wholesaling illegal without a real state license in Ohio and if not, why?