All Forum Posts by: Patrice Boenzi

@Scott Swanson my son (who is also a Realtor) and I have this discussion often. I am old enough to know that there are many ways to accomplish something. I always say, to all my kids, "as long as it is legal and ethical". I get why the law was changed and I know there is good and bad in all industries! I enjoy the conversations about real estate. Have a nice evening.

@Scott Swanson how has the new law regarding wholesaling affected you? I know a wholesaler and when the law changed they jumped on board and got their RE license. However, I know our brokerage will not allow wholesalers due to E&O insurance issues (at least that is what I think they said).

@Scott Swanson I think it is different. As a listing agent my job is to get the property sold and for the most money possible. I know some sellers don’t care if they leave money on the table, but some do. 

@Steve Morris I thought the same thing, but with full disclosure the seller gets to decide. I think the challenge would be finding a brokerage that will allow a Realtor to wholesale. 

@Nick Polentini they just changed the rules on wholesaling in Illinois. If you wholesale more than 2 properties a year (as a business model) you need to have your real estate license. See below from the Illinoisrealtors .org site. If you are talking about a Managing Brokers license you cannot apply for that until you have had your real estate license for two years and take additional schooling. Hope that helps.

1. Wholesaling

Yes, it is true. The business practice of wholesaling has been brought under the purview of the Real Estate License Act (RELA) within the definition of “Broker” in the license law rewrite which became effective August 9, 2019 (P.A. 101-0357). The changes protect the consumer by making certain that wholesaling is a regulated practice in Illinois.

The Act now provides that a person must be licensed as a broker in Illinois if they have engaged in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts.

A pattern of business is defined as engaging in any one of those practices on two or more occasions in any 12-month period. In other words, a person who engages in the business practice of wholesaling needs a properly sponsored real estate license and a licensee can no longer engage in the practice wholesaling outside of the umbrella of their sponsoring broker.

2. Emotional Support Animals



So You Want to "FLIP?"

September 12th 8:30- 12:30

In this workshop, we will explore the general concepts of flipping. Topics: investor personality, running numbers, the scope of work, how to watch the market, and how to get the most money.

Location: Zoom 

Registration: $147

Call/Text Patrice @ 630-234-7375 for more info or to Register

@Jorge Alonzo you will definitely want to connect with @Abel Curiel! He is a wealthy of knowledge! Keep us all posted on your journey! 

@Aaron Jones the ARV would depend on the property and the location. Those areas are very large and the ARV fluctuates based upon location, property, market etc. If you have a specific area you are looking at I can help you.

@William Gatlin jr. congrats on getting your license. Picking your Brokerage is the first important business decision you make and it is an important one. You should interview several, try to speak to Realtors that work there and make sure they have what you need for you to be successful. If you want to chat, let me know. I would be happy to talk some things through with you. 

@Jorge Alonzo are you looking for your first investment property or personal residence? If you are looking for an investment property I would suggest you locate a Realtor who is an active investor and not an "investor friendly" Realtor. There is a difference. I know BP has a link under NETWORK where you can find a Realtor in your area. Good luck.