All Forum Posts by: James Hiddle

Are you planning to wholesale for someone else or just buy really really low, pay cash so you own it outright, and then turn around and resell for profit? In a nutshell that is primarily my business model and works great!

I often sell to other investors who THEN market and sell to the end user. (I am happy with a little profit on a lot of properties.) This is all "legal", you are not representing anyone, and not that hard.

AND I love Texas because your part of the country is full of fantastic "unwanted" rural land deals!

Hope that helps!

Jill

So in Arizona you can market a property without a license? As I stated to Dev can you prove it if so?

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I don't think the issue is assigning the contract but marketing the property without being licensed is the issue.

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Originally posted by @John Thedford:

Originally posted by @James Hiddle:

Originally posted by @John Thedford:

It depends on your state, their laws, and your actions. If you put a property under contract in Florida and then advertise the house without owning it, yes, you could face fines of $5000 per chapters 475 and 455. You asked..and that is my final answer.

Careful John that sounds like legal advice!

Amazing how some people don't like answers to their questions:) Maybe they should not ask:)

Welcome to the new America where if you speak the truth,people cover their ears and go yadda yadda yadda!!!

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Originally posted by @Dev Horn:

This question will result in you being told a bunch of crap by people that have no idea what they are talking about, especially if they don't live here in Texas.

There is no problem - legal or regulatory - with wholesaling in Texas.

So in Texas you can contract a property and market/sell it complete with pics,address,ect to anyone that wants to buy it without a RE license?

If so prove it or can you?

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Originally posted by @John Thedford:

Careful John that sounds like legal advice!

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Originally posted by @Michael Quarles:

this is a better pic. In front of my first property 30 years later in my Bentley

Yeah a better pic if you have to turn your head sideways :)

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Originally posted by @Todd Plambeck:

Originally posted by @James Hiddle:

If you are marketing the house whether or not you're under contract without a license is against the law as you are brokering without a license. You can't advertise or sell something you don't own.

So the traditional way to wholesale(find a discounted property,get it under contract and market it to a cash buyer)is starting to get the attention of state regulators especially in California,Ohio and Florida and fines and jail time are being issued to those who are marketing/selling properties they don't own without a license.

So unless you can find a way to market your contact without marketing the property itself which isn't against the law you'll need to either get your RE license or find another REI strategy.

And how many states are you licensed to practice law in? That sounded a lot like legal advise...

Oh so by your definition if I say it's against the law to rob a bank I'm practicing law and giving out legal advice. Get real!

No it's not legal advice but if you don't believe me I suggest you either contact a RE lawyer or your states RE commission and see for yourself.

Oh by the way if that was true then a lot of us here at BP are in trouble because there are some here that been over the last few months saying the exact same thing.

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Man this is still going on? I still remember you starting this thread Will years ago and thought this would be done by now but guess the very ugly red tape being thrown around like an ape throws his fecal matter is the norm in Cali!

Welcome to the People's Republic of California. A land of sports teams and broken dreams. A land of hollywood careers and salty tears. A land of wife beaters and liars and cheaters. And a land of slick trick and bad politics.

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That should be contract not contact. A kingdom for an edit button!

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All Forum Posts by: James Hiddle

James Hiddle has started 52 posts and replied 2258 times.

Post: Wholesaling (Against the Law?)

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Post: Do you tell your end buyer that you are wholesaling?

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