All Forum Posts by: Richard C.

I guess you already know this, but you could have simplified the process slightly if you had not lied to the sellers and told them you were going to rehab. There is really no need to do that, and if they know what you are doing, they are much less likely to get worried at various points.

0 Votes

Interest rate minimally higher. Down payment much higher.

The "having to move" thing is commonly referred to as "mortgage fraud" and people go to jail for it.

3 Votes

Originally posted by @Ken Graham:

There is something legally and or factually incorrect in almost every paragraph of your post.

Good luck.

Please cite any inaccuracies in my post.

Furthermore please cite any instances where a court has ruled wholesaling illegal.

Aside from your frankly rudimentary understanding of the law, you could start with the fact that real estate commissions are not, in fact, "made up of agents and brokers" trying to generate more business. That you believe this to be how RECs operate shows that you know very little about how real estate is regulated at the state level.

I'm not going to be your lawyer. But I am going to suggest that you get one, if in fact you are "wholesaling" without regard for brokerage regulations.

0 Votes

Originally posted by @Brittaney Woods:

Define "everyone"....are these real estate professionals or just random people?

IMO, it is legal because you're getting a house under contract and as far as everyone on the outside is concerned, you are intending to buy it. If you choose not to purchase yourself, that is YOUR business.

As long as your contract is assignable you are fine.

When I get a house under contract and the owner asks what I plan to with it I just say " I don't know yet, I may keep it for myself, I may flip it, I really am not sure but you will get your money within 30 days unless my partner doesn't agree it is the right deal for us"....and that is all they need to know.

Well if it is that simple, you should have no trouble calling the Florida REC, giving them your contact information and a description of your process, and greeting an advisory opinion in your favor. Please do so.

0 Votes

Originally posted by @Ken Graham:

There is something legally and or factually incorrect in almost every paragraph of your post.

Good luck.

1 Vote

Originally posted by @Felix Goldstein:

@Richard C. when i asked them to show me the law that they were claiming states wholesaling is illegal. they never did. they sent me the statute that says selling property for another requires a license. that is why i called the investigator manager a goober. funny their attorney that the manager got on the phone on a conference call didn't say that she really had nothing to say. oh and by the way he did say that you can assign a contract. he also did say that i can not market the property, but only the fact taht i ahve a contract. that is nonsense what if i only want to double close? then i'm not assigning anything. besides like i mentioned before, the statute says for another and it says for a fee. so the question isn't even who owns the property, but whether you are buying/selling for another or for someone else. now they go hand in hand. if i don't own the property, then i have to be selling it for someone else. if i own the property, then i have to be selling it for another (namely the owner)

My sincere advice to you is this: Prepare yourself, because they are going to break you. Absolutely break you. It may not happen immediately, they have a lot on their plate. But one whisper of a complaint, whether from a seller, a licensee, even someone annoyed by your marketing, and you are toast.

1 Vote

Felix, it is really very simple. Call the real estate commission and ask them.

No matter what you think you know, the state of Ohio has vastly greater resources at its disposal. Therefore, as a practical matter, if they say it's illegal, it's illegal.

1 Vote

Originally posted by @Max Householder:

Ever since I joined my neighborhood's Facebook group, I am no longer shocked at how insane the majority of people are. They'll call the police for just about anything. Loose animals, trash in the park, bandit signs, people acting "suspicious" by walking down the street and "looking at houses" (not sure what else you're supposed to look at in a residential neighborhood, but ok) or driving down the alley (which all the garages face to). "Call it in! Better safe than sorry!" they say. Ridiculous.

There was even one lady who asked what to do about a "We Buy Ugly Houses" sign in the parkway and that she didn't get it because she thought all the houses on her block looked really nice. Another lady responded, "It's those dirty house flippers!" Yeah, get'em! We don't want them coming in and fixing up a run down house, raising it's value, and then selling it to a new owner who will take care of it and increase everyone's property value in the process! Boo, hiss!

Again, the majority of people are insane.

I agree that it is crazy to ask for advice online about what to do about bandit signs. Pull them up and toss them in the garbage. It isn't hard.

1 Vote

You want to be the one to change smoke detector batteries (actually, you want hard-wired smoke detectors, or the one with the sealed, 10-year batteries, but that is another discussion.)

But something like smoke detectors, which if negelected can literally cause loss of life, not to mention extreme financial liability, is something very different from light bulbs.

I have a fire prevention company on contract. They test the detectors and replace/recharge the extinguishers on a strict schedule, which is carefully documented. I get a significant insurance discount as a result.

3 Votes

All Forum Posts by: Richard C.

Richard C. has started 19 posts and replied 1919 times.

Post: Kitchen cabinet under-lights?

Post: In the Weeds - My first wholesale deal.

Post: (Amateur) Owner Occupied Question

Post: is wholesaling illegal?

Post: is wholesaling illegal?

Post: is wholesaling illegal?

Post: is wholesaling illegal?

Post: is wholesaling illegal?

Post: Direct Mail = Police Report

Post: Landlord Maintenance vs. Tenant Maintenance