All Forum Posts by: Brian Pendergraft

You do not need a real estate license or a LLC to wholesale. I've formed LLCs for new investors that haven't done a single deal. I'm beginning to think that aspiring wholesalers should do their first deal and use the profit from it to set up their LLC. Focusing on getting that first deal should be the goal.

That said, what's even more important than having a LLC (at least initially) is to have a purchase and sale agreement and an assignment clause for wholesaling that is lawful to use in your jurisdiction.

Many wholesalers just grab free contracts online without making sure that they comply with their jurisdiction.

Good luck in your journey!

Yes.  Wholesaling is legal in Maryland.

Yes.

I think it's legal as long as the agent clearly discloses: (1) that they are a licensed real estate agent (2) that they are not acting as an agent and (3) assigning the contract for profit.

So in practice an agent needs to use contracts specifically for real estate agent wholesalers and to clearly explain what wholesaling is with who they deal with in their oral and written communications.

Disclaimer - This is an opinion only.  I make no warranties as to whether or not the Real Estate Commission or MD courts agree with my opinion.

I may be able to help with this.  I'll message you for further details.

Great meetup!  I've been a few times.  Anyone in the area should definitely check it out.

Welcome fellow Marylander!  :)

@Eric Jan as far as legal liability is concerned it's a good idea for each investment property to have its own holding company.  Separating the investment properties from each other and from you to avoid calamity is smart.  By calamity, I mean all of your personal and all of your businesses assets being subject to a judgment from an incident that happened at one property.

Having multiple LLC's can be expensive though, and as an overly paranoid lawyer, I always recommend the strategies for the most protection (and even then, they are not guaranteed). Ultimately it's up to each investor to determine how much risk they are willing to take.

MD attorney here.   Yes, you do have to go to court to evict her. A non-paying tenant is still a tenant.  You have to take legal action to get possession of the property back.  Just locking her out is an illegal eviction, which is a crime.

Welcome to BP!  Glad to see another Marylander.