All Forum Posts by: Nick Gorham

Thanks Eric, I am looking for attorneys in the area to consult with, if you have any recommendations I’d greatly appreciate it. If I am looking to go this route with wholesaling would it be wiser to look into getting my real estate or brokers license to avoid legal trouble? I see that there is grey area with wholesaling, especially in Iowa, and I definitely want to avoid this seeing as I am just beginning.

Thanks Dana, I’ll check them out!

I took 2 courses off of an online mentor’s program, Tai Lopez. Starting out I am planning on closing with contracts, I’m still having a hard time understanding double closing and as you said, the contract is all I am selling, not the physical property. I haven’t set up an LLC, will I need one for the first few deals?

Thanks Derek, I’m planning on consulting with an attorney next week to find out exactly where the line is drawn, I’ll keep you posted.

I have just completed a course on wholesaling and was curious if this practice is legal under Iowa law if you are not a licensed agent? 

I've just completed two online courses in real estate wholesaling and have been doing extensive research on the topic for the past month, I currently live in and Iowa and am unsure of the laws surrounding wholesaling. I have yet to meet with an attorney 1 on 1 but have some questions I would appreciate being cleared up beforehand!

1) Do you need a real estate license to sell real estate wholesale in the state of Iowa? In other words, can I start finding deals without obtaining a license first?

2) What is the difference between a wholesaler and an agent or broker?

3) Are there any big legal no no's to avoid when wholesaling?

Thanks!!