All Forum Posts by: Kurt Charles

@Amal Benkiran Thanks for your response. I am in Florida and in the process of getting my RE license. Just like you I was looking for the answers to wholesaling legally without a license. 

Harsh truth: The only legal way is if you own the properties, meaning buy it, then re sell it, or if you hold an RE license and connect sellers and buyers or you already have a strong buyer list that understands you are a wholesaler and funds your entire transaction.

It is illegal without an RE license to wholesale properties otherwise, no matter what you hear, not impossible, but illegal. Plus, why not get all the education benefits of becoming licensed and also being an investor?

Good luck in your endeavors. I would not recommend illegal activities to anyone, so I personally have no advice for you regarding how to wholesale without a license. The key to any success in any Business is education. Get educated on what you are trying to do, then make an informed decision.

@Sekelle O. Anyone can wholesale with or without a license, it just takes knowledge of the game. What we are discussing is the laws regarding doing it without a license. There is no difference in my opinion doing it with or without a license except in one case you could be fined and face punishment and in the other, you have no worries with the State laws.

I also agree that morality is individual.

As an RE license holder, yes, you have to disclose yourself as an agent every time, so that may suck sometimes or I believe it can work to ones advantage also. 

Point is, without laws of a land, there will be chaos. Doing it without a license and getting away with it, does not mean that is what should be taught to others. 

To each their own, but from what I gather, you have your license, so good for you.

@Sam Ally . That is true, too. But we are speaking about legal vs illegal wholesaling not the individuals knowledge base. That goes both ways for licensed and unlicensed wholesaler. 

The point of DBPR is to protect consumers from fraud, misinformation, etc. and the FREC  is responsible for making sure all individuals procuring any kind of real estate transaction to be properly educated in the industry and its laws.

Happy New Year!

@Jay Hinrichs . I was wondering about @Sean Cole because the way his website is set up and structured, that's TOO legit to be an unlicensed Business website. lol

@Sean Cole  Thanks for the input. I guess being a newbie, I may hash old answered questions from eons ago.

Happy New Year

@Account Closed I am sure having a really strong Cash Buyer's list will  make things a whole lot easier, lol. And you also are using online lead generation which doubles and triples your list building abilities. Congrats on your successes. 

So what you are saying, is that you do a double closing using your buyer's cash and you receive an assignment fee or the difference between your contract price with seller and sale price to the buyer at the closing? I'm not sure I get your process? I mean, I understand the double closing by your buyer, but that means he has to shell out for your original contract with seller and his transaction with you? You must have some pretty cool, understanding buyers and a truly investor savvy title company?

Yes @John Thedford I do recall. lol.

What I notice is that many wholesalers are thriving because they are good at the internet, You Tube videos, etc. They are advertising and selling properties using a website and social media as well as attracting buyers/investors online.

There should be heavy rules regarding illegal online RE dealings too, not sure if they exist already. Not just properties, but many wholesalers are selling wholesaling info online as some kind of REI education. 

I am an internet marketer myself and have a public friendly website for my RE Business, but in trying to figure out how I can legally use it to enhance my business, I realized that I would be violating tons of FL RE laws by also owning a website LLC doing RE business online, soliciting etc, without a license.

I was one of those that did every search I possibly could to see if I could wholesale without a license and cut corners, but then I realized no matter what, it is illegal and besides, all that research made me realize that having the RE license will only enhance my entire operation.

@Jacob Pereira. I'm sure @Wayne Brooks just like me don't think it superior knowledge, just doing thorough homework and knowing the rules of the game in which we play.

@Jacob Pereira . I agree that unlicensed wholesalers are just taking advantages of loopholes in the law but as I stated in original post, 

Rewording words does not make something illegal, legal. Most wholesalers go into contracts "knowing from the start" they have no intentions to buy. That is illegal, but again, it exists because states are not cracking down on it and the general public apparently don't file complaints and reports against unlicensed agents.

Either way, to each their own. 

Thanks @Eduardo Ramirez. I have come to the same understandings after my own research. I guess in every industry there are many who will exploit "loopholes" that are actually not even "loopholes" but simply a rewording of words, which doesn't make something illegal, legal.

The ingenuity of a human mind is priceless, lol.